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July 25, 2017 Uncategorized

New Jersey Contract Attorney: Statute of Fraud Cases

Contracts are agreements between two or more parties. A New Jersey contract attorney can help you enforce a binding legal agreement or defend your legal rights in the event of a contractual dispute. Under New Jersey law, a contract may be either oral or written. It is important to note, however, that oral contracts are not generally recommended. It is always best to have an agreement to writing because there is less room for confusion or misunderstandings.

New Jersey Statute of Frauds

Oral contracts are generally enforceable under New Jersey law. However, pursuant to the New Jersey Statute of Frauds, courts will specifically refuse to enforce several categories of oral contracts.

Under the New Jersey Statute of Frauds, the following types of contracts must be in writing in order to be enforceable:

  • A loan, grant, or extension of credit for an amount in excess of $100,000, which is made by a person or entity in the business of lending money
  • An agreement in which a creditor agrees to refrain from exercising any contractual rights or remedies — and where the amount of the contract exceeds $100,000
  • Contracts for the sale of land or real property, including mortgages and agreements for partitions or easements
  • Real estate broker commission agreements. This includes commissions on both the sale and lease of real estate, subject to some very limited exceptions
  • A promise by one party to be responsible for the obligations or debts of another party
  • Leases for real property in which the lease term exceeds 3 years
  • Prenuptial agreements made after February 19, 2007, which prescribe how property will be divided in the event of a marriage break-up

Other Contracts That Must Be in Writing

In addition to the types of contracts listed above, certain other contracts must be in writing, including the following:

  • For the sale of goods, which are governed by the New Jersey Uniform Commercial Code
  • For the sale of securities
  • To provide a security interest
  • Involving health clubs, home improvement contractors, automobile sales, and employment agencies

Contact a New Jersey Contract Attorney Today to Discuss Your Case

No matter the type of contract or the subject matter, it is almost always preferable to make sure the contract is written and signed by all parties. This will help to eliminate confusion and misunderstandings between parties as well as memorialize the agreement forever. It is also best to have a contract attorney review the contract and suggest changes for improvement.

The lawyers at Snellings Law LLC regularly represent both individuals and businesses and defend their rights in contractual disputes. Our attorneys are ready and willing to represent you throughout the contract dispute litigation process, as well as in the courtroom, if necessary. Contact the New Jersey contract attorneys at Snellings Law LLC by calling (973) 265-6100.

The post New Jersey Contract Attorney: Statute of Fraud Cases appeared first on New Jersey Collection Attorneys | Commercial & Real Estate Litigation.