The Presumption of Liberty Assignment Example | Topics and Well Written Essays - 2000 words - 2

The Presumption of Liberty - Assignment Example This statute ensures that parties to the contract fulfill their promises to each other as stipulated in the agreement with defaulting. Therefore, statutes of fraud do not in itself make the contract valid but serve as an evidence of the agreement between the parties hence can make the contract enforceable (Miller, Harvey & Parry 1998, p.487). It also serves to prevent one of the parties from claiming beyond what the agreement offer to them. Should one of the parties to the agreement default in the performance of his or her duties, the statues of frauds will apply to ensure that that person has discharged his or her obligation (James 2003, p.20). This is contrary to a verbal agreement whereby, due to lack of evidence one party may fail to perform the duties of the agreement and yet there are no means to prove that the party has indeed breached the agreement (Barnett 2005, p.146). Whereas most contracts can be enforced without the requirement of a statute of fraud, there are specific a greements, which must be included in a statute in order to be enforceable. This report shall explore various contracts which fall within statutes of frauds and cases that have been dealt with in the court involving the statute. In addition, the report shall focus on the impact of the statues of frauds and what would happen if parties failed to write down the terms of their contracts in cases which â€Å"fall within the statute.† The law requires that when individuals are making a contract they should put down all the terms of their agreement in writing in order to that no party who takes advantage of the other by failing to perform either some part of the contract or the by totally doing nothing in fulfilment of their contractual obligations (Barnett 2005, p.165).