If an oral contract that should have been in writing under the Statute of Frauds is already executed, neither party can seek to rescind the contract on the grounds of noncompliance with the Statute of Frauds.

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Once an oral contract has been executed (meaning both parties have performed their obligations under the contract), the requirement for a written contract under the Statute of Frauds no longer applies. As a result, neither party can use the lack of a written contract as a basis for seeking to rescind the contract.

If an Oral Contract That Should Have Been in Writing