In Tennessee, a land sale agreement must be entered into in writing to be enforceable in accordance with Tennessees` version of the Women`s Statute. In particular, in accordance with Tenn. Code Ann. § 29-2-101 (a) (4) the agreement “shall be in writing and signed by the party to be entrusted with it… In the absence of one or more elements of a valid contract in an oral contract, it is likely that a court will annul the agreement and it will not be enforceable. Many States have rules for certain treaties that must be written, which considers that oral agreements are insufficient. For an oral agreement to be binding, the elements of a contract in force must be present. To illustrate how the elements of a contract create binding terms in an oral agreement, we use the example of a man who borrows $200 from his aunt to replace a flat tire. Before you expect you to fail to enforce an agreement based on fraud status (or for some other reason), be safe and seek legal advice from a lawyer. Finally, remember that by making sure your agreements are reduced to the letter and signed by all parties, you can save yourself a lot of headaches and attorney fees. Be sure to check your state`s laws or fraud law if you`re not sure whether or not you need a written agreement. An oral agreement must contain the same elements as a written contract to be legal and enforceable. In the context of commercial real estate, points 2, 4 and 7 above are particularly important. Most commercial real estate professionals are aware of the signed written requirement for the transfer of an interest in real estate and for a lease agreement with a term of more than one year.
With regard to point 7, the Fraud Act provides that `[n]o legal action against a lender or creditor for a promise or obligation to lend money or to lend, or to a promise or obligation to modify, supplement a written promise, an agreement or an obligation to lend money or to extend credit, without a letter signed by the lender or creditor being available. However, the letter must not be signed by the lender or creditor if it was signed by the debtor in the form of a “or other letter describing the loan” and which must be signed by the debtor, but not by the lender, and which the lender has accepted. . . .