What must a written agreement under the Statute of Frauds include?

A written agreement under the Statute of Frauds must include essential terms and identification of the parties involved to be enforceable. This legal requirement aims to prevent misunderstandings and fraud in significant transactions by ensuring that there is a clear, documented understanding of the agreement's key components.

Essential terms generally refer to the crucial details pertinent to the contract, such as the subject matter, price, and any conditions or deadlines that need to be met. By clearly identifying the parties, the agreement establishes who is bound by the terms and who has the rights and obligations stipulated in the contract. This prevents disputes about who the parties are and what they have agreed to, thereby providing protection to all involved.

Other options, such as requiring only signatures or a verbal agreement summary, do not fulfill the comprehensive requirements of the Statute of Frauds and could lead to ambiguity or incomplete enforcement of the agreement. Additionally, the notion of requiring the buyer's prior approval does not pertain to the necessary elements for a valid written agreement under this legal doctrine. Therefore, the inclusion of essential terms and identification of the parties represents the core requirements mandated by the Statute of Frauds.