Does My Contract Need to Be in Writing?

Do all of your business contracts need to be in writing? It seems like a silly question at the outset, but Virginia contract law provides an answer that might surprise you!

Under Virginia law, not all contracts require a writing or even a signature! If two parties reach a mutual agreement, and all of the legal requirements for a contract are met – a contract is formed, with or without paper involved! There are, however, a number of contracts that must be reduced to writing. Under Virginia law, there is something called the “Statute of Frauds” which requires that the following contracts be in writing:

• Marriage contracts;
• Suretyship contracts (wherein one party agrees to pay on behalf of another);
• Contracts that cannot possibly be completed within one year;
• Contracts for the sale of goods of $500 or more; and
• Real estate contracts

The main purpose of the Statute of Frauds is to prevent someone from making an assertion about a contract that never happened and doesn’t exist.

It is our belief that all contracts you enter into should be reduced to a writing and signed by you and the other party or parties. This not only covers the legal requirements, but is efficient for business and serves as more protection in the long run.

Does your business need help with contract drafting? Have you been asked to sign a contract and need help reviewing it?  Please reach out to us! Our team provides turn-key solutions to your business through an efficient streamlined process. We have assisted hundreds of businesses in drafting important contracts, considering all of the important legal & business implications. Give us a call today!