Volume – 01, Issue – 01, Page : 01-

Statute of Frauds and Associated Legal Complexities in Contracts with Suretyship Agreements

Author/s

Alessandro Rossi

Digital Object Identifier (DOI)

10.56106/lss.2021.002

Date of Publication

30 April 2021

Abstract :
This research paper navigates the intricate landscape of contract law, delving into the multifaceted aspects that underlie contractual relationships. Focusing on the principle of legal purpose, the study unravels the complexities and nuances associated with determining the legality, morality, and conscionability of contracts. Legal purpose, which may intersect with evolving public policy, forms a dynamic backdrop against which the enforceability of contracts is evaluated. Furthermore, the paper delves into the challenges posed by ambiguity in contracts. Ambiguity can manifest in various forms, including vague language, inconsistent terms, or the use of industry-specific jargon. It underscores the importance of clear and specific contract terms, essential for the enforcement of contractual obligations and upholding principles of fairness and equity in contractual relations. The research also addresses the consequences of non-compliance with contractual commitments, commonly known as a breach of contract. A breach signifies a deviation from the mutual understanding reached at the time of contract formation and has significant legal consequences. The study emphasizes the fundamental role of contractual obligations in maintaining the sanctity of agreements. The Statute of Frauds, a critical component of contract law, is another focal point of the research. It mandates that certain contracts must be in writing to be legally enforceable. The paper explores the specific categories of contracts affected by the Statute of Frauds, including those concerning the sale of real property, long-term performance, and agreements to pay another person’s debt. Lastly, the research delves into the parol evidence rule, which generally bars extraneous evidence to contradict or supplement written contracts. The study concludes by emphasizing the need for legal scholars, practitioners, and policymakers to address the evolving nature of contractual relationships and the challenges posed by ambiguity and enforceability.

Keywords :
Ambiguity in Contract Terms, Breach of Contract, Contract Legality, Contractual Clarity, Extraneous Evidence in Contracts, Legal Purpose, Objective Theory of Contracts, Public Policy in Contracts, Statute of Frauds, Suretyship Agreements.

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