The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing to be enforceable. This law aims to prevent fraud and misunderstandings in agreements. Typically, contracts involving the sale of real estate, agreements that cannot be performed within one year, and contracts for the sale of goods over a specific value fall under this statute. Each jurisdiction may have its own version of the Statute of Frauds, but the core idea remains the same. By ensuring that significant agreements are documented, the statute helps protect the interests of all parties involved, making it easier to resolve disputes if they arise.