Contract Law

A contract may be enforceable or unenforceable. An enforceable contract is one for which a legal remedy is offered in the event that the contract is not fulfilled. A contract may be unenforceable when certain statutory requirements have not been met. For example, an oral contract to buy land would not be enforceable because the Statute of Frauds requires such an agreement to be in writing. Similarly, statutes of limitations, which limit the length of time available for legal action, may apply to contracts of certain types and render them unenforceable after a certain period of time.