The Statute of FraudsThe primary purpose of the “Statute of Frauds” (SOF) is to protect the interests of the parties once involved in a contractual dispute (Spagnola, 2008) . The relevant statutes rely on state jurisdictions to determine whether the contract falls under the SOF and whether the writing of the contract meets the requirements of the statute of frauds (Spagnola, 2008). However, not all contracts are covered by SOF. In essence, for a contract to be considered legal under the definition of the SOF, the following requirements for the formation of the contract must be met, which are as follows: (1) There must be at least two parties to the contract, (2) It must there must be mutual agreement and acceptance on the price to be paid for the goods and services offered, (3) The object or reason for entering into the contract must be clearly understood by all parties to the contract, (4) and there must be an established time for the fulfillment of the tasks envisaged by the contractual obligations (Spagnola, 2008). Finally, there are five categories of contracts covered by the SOF, which are as follows: (1) Transfer of real estate interests, (2) Contracts not executable within one year, (3) Contracts in consideration of marriage, (4) Surtees and guarantees (response to the debt of another), and (5) provisions of the Uniform Commercial Code (UCC) relating to the sale of goods or services, legally valued over Five Hundred Dollars ($500.00) (Spagnola, 2008). Hypothetical Polly owns two commercial properties in downtown Chicago valued at one (1) million dollars ($1,000,000.00), which she purchased for the purpose of leasing to entrepreneurs who are looking to open and operate profitable businesses... half of paper. .....useless car to a scrapyard to recoup some loss, but the difference between reselling the scrapped car would be a significant loss. Although the contract did not contain adequate safeguards, early repudiation is Jack's only likely remedy. However, the result would weigh on the predominant factor test, which is met because Tom is covered as a trader as he is going about his usual day-to-day business and Jack is the buyer. The sole purpose of the contract was for Tom to sell a car to Jack and for Jack to buy a car from Tom. The UCC, while less stringent than the statute of frauds, effectively regulates commercial transfers while allowing the free market to operate without compromising the integrity of the trade. Works CitedSpagnola, L.A. (2008). Paralegal Contracts: Legal Principles and Practical Applications New York: McGaw-Hill/Irwin.