What does the Statute of Frauds aim to address?

The Statute of Frauds aims to prevent disputes over oral agreements by requiring certain types of contracts, including leases, to be in writing to be enforceable. This legal concept is essential in real estate transactions because it helps to clarify the terms of an agreement and provides proof of the parties' intentions. By requiring a written contract for leases that exceed a specific duration, the Statute of Frauds helps ensure that both landlords and tenants have a clear understanding of their rights and obligations, which reduces the likelihood of misunderstandings and legal disputes.

This regulation is particularly important in the context of property management, where oral agreements may lead to disagreements about terms, responsibilities, and the scope of the tenancy. Thus, having a written lease significantly mitigates the risk of disputes and offers a legal framework within which the parties can operate, enhancing the integrity of the lease agreements.