GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
If you have a comment, suggestion or question please contact us at glossary@scic.com

Statute of Frauds

Legal concept that holds no suit or action shall be maintained on certain classes of contracts or engagements unless there is a note or memorandum in writing, signed by the parties, describing the performance of obligations of the parties. This concept began with a 1677 English law that has been adopted in modified form in virtually every state in the U.S.