What is the role of a Memorandum in relation to the Statute of Frauds?

A Memorandum plays a significant role in relation to the Statute of Frauds by providing evidence of the existence of a contract, particularly in real estate transactions. The Statute of Frauds requires certain types of contracts, including those for the sale of real estate, to be in writing to be enforceable. The Memorandum serves as a written record that captures essential details about the agreement, such as the parties involved, the subject matter, and the price. This written document is vital because, without it, an oral agreement may not be enforceable under the Statute of Frauds.

While it's true that a Memorandum does not necessarily need to include all terms of the contract or constitute the final version of the agreement, its primary function is to establish and confirm that a legally recognizable agreement exists. Additionally, it is not required to be signed by all parties, although signatures can enhance its validity. This makes the key focus on its role as evidence of an agreement between the parties, fulfilling the purpose set by the Statute of Frauds.