Under a contract for the sale of land, the Statute of Frauds

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The Statute of Frauds requires certain contracts, including those for the sale of land, to be in writing and signed by the party against whom enforcement is sought, which is typically the defendant in a lawsuit. This requirement is to ensure that there is evidence of the contract's terms and the parties' agreement, reducing the potential for fraud and misunderstandings. The other options are incorrect because the Statute of Frauds applies regardless of the purchase price, whether the buyer needs to secure a loan, or the payment timeline.

Under a Contract for the Sale of Land, the Statute