What is required for a contract exceeding $500 to be enforceable?

For a contract exceeding $500 to be enforceable, a written agreement is required. This requirement is based on the Statute of Frauds, which mandates that certain types of contracts, including those for the sale of goods valued at $500 or more, must be in writing to be legally binding. The purpose of this statute is to provide clear evidence of the terms agreed upon by the parties, protecting them against fraud and misunderstanding.

While signatures from both parties can be beneficial and may be required for other agreements or in particular circumstances, the fundamental requirement under the Statute of Frauds specifically calls for a written document itself, outlining the terms and conditions of the agreement. Other options, such as having a witness present during signing or requiring a notary public stamp, are not universally necessary for the enforceability of contracts in this context.