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The TR Company


1/11/18 Statute

A law enacted by the legislative branch of a government

Statute of frauds 
statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury. The most common types of contracts top which the statute applies are contacts that involve the sale or transfer of land, and contracts that cannot be completed within one year.

Statute of limitations
A type of federal or state law that sets the time within which legal proceedings may be brought. Statutes of limitations apply both to civil and criminal actions and are designed to prevent fraudulent and stale claims from rising after all evidence has been lost or after the facts have become obscure due to the passage of time or the defective memory, death or disappearance of witnesses. In general, the length of time allowed under a statute of limitations varies depending upon the severity of the offense.

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