Master Illinois Statute of Frauds: Secure Contracts Now
Core Requirements: Navigating the $500 Threshold and Written Agreements The Illinois Statute of Frauds, a cornerstone of contract law, dictates that certain contracts must be in writing to be legally enforceable. For contracts involving the sale of goods, this threshold is $500. This means any agreement for the sale of goods valued at $500 or more must be documented in writing to be legally sound. Why this amount? It's a safeguard against fraudulent claims....