GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Statute of Frauds


Synonyms:common law statute of frauds
Acronyms &
abbreviations:
SOF
Filed Under: legal-contracts, real-estate
Tags: legal
 

Definition of statute of frauds (SOF)

statute of frauds (SOF)
1. A law which provides that certain contracts must be in writing in order to be enforceable at law. It includes real estate contracts.

Related Terms and Acronyms:

  • bona fide   In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
  • common law (CL)   Traditional, unwritten law based on English custom.
      ➥  Laws developed by judges through court decisions and precedent.
  • contract   An agreement between two or more parties that can be enforced by law.
  • contract to purchase   A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
  • mis-selling   The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
  • purchase agreement   A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
  • sales contract   A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
  • statute   A law established by an act of the legislature.
  • tort law   Civil law or the laws that govern civil lawsuits.

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