Identity Theft Statutes Assignment Example | Topics and Well Written Essays - 2000 words

Identity Theft Statutes - Assignment Example The statute includes the names of the contracting parties as well as the terms and conditions contract requirements (Catherine 2004, 48). Therefore, the status of fraud serves to protect the parties to the contract from deception by the other party if in case one of them decides to avoid performing either part or all of their liabilities in the agreement (Miller, Harvey & Parry 1998, p.364). Therefore, it is essential for the parties to ensure they include statues of frauds in their contract to ensure that effective discharge of their duties s a means of improving business performances and reduce the legal cases arising from the failure of contract performance. This report will explore the purpose of statutes of frauds and what it entails. It also explores the impact the statutes of fraud will have in a contract and when the parties to the contract may find it essential to establish statutes of frauds. In addition, the study will focus on conditions under which the statute of fraud may be ignored during the implementation of the contract. Finally, it will focus on the effects of court cases in the situation where the parties had signed statutes of contract by studying the court cases in which it was applied. The main significance of the statutes of fraud is to ensure there is evidence of the existence of a contract between parties and assure them of the performance of the contract (Catherine 2004, 48). Whereas the statutes were established to reduce the cases of deception among the contracting parties and provide evidence to the court when solving disputes the statutes does not cover most of the contracts especially the contracts of services which are accomplished in less than a year (James 2003, p. 18). The controversy in this requirement is that most of the contracts which do not fall within the statutes are the most rampant in day-to-day life.