This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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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.

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