What statute requires that all contracts involving real estate must be in writing?

The statute that requires all contracts involving real estate to be in writing is known as the Statute of Frauds. This legal principle is crucial because it aims to prevent fraud and misunderstandings in transactions involving significant obligations, such as those related to real property. By ensuring that such agreements are documented in writing, the Statute of Frauds provides a clear record of the terms, conditions, and parties involved in the contract. This written requirement helps protect all parties by establishing enforceable agreements, minimizing disputes that might arise from oral contracts, which can be ambiguous and challenging to prove. This statute is applicable in many jurisdictions, promoting transparency and accountability in real estate dealings.

The other statutes mentioned do not specifically pertain to the requirement for written agreements in real estate transactions: the Statute of Limitations deals with the time period within which legal actions must be initiated; the Contracts Act generally outlines the essential elements of contracts but does not specifically mandate that real estate contracts be in writing; and Real Estate Law encompasses a broader range of regulations governing real estate practices rather than focusing solely on the written requirement for contracts.