The Statute of Frauds is a common law concept established to protect parties from getting into legally binding contracts without proper documentation. It requires certain types of agreements, such as land sales, leases, and contracts for the sale of goods that exceed a certain dollar amount, to be in writing and signed by both parties, then delivered to prove the contract.

The concept of the Statute of Frauds, first established in the 17th century, has been carried down through the legal systems in England and the United States. The purpose of this law is to protect people or business entities against being wrongfully accused of getting into a contract that they did not actually agree to, or being falsely accused of breaching a contract they never actually entered into. The purpose of the requirement for the contract in writing is to provide the proof that such a contract had, in fact, been entered into.

In the United States, the exact requirements of the Statute of Frauds vary slightly from state to state, however, there are some general features across the United States in order for a contract to be valid. In general, the contract must be in writing, signed by both parties, and must have some form of delivery to prove the contract. The type of writing accepted as proof of a contract can be anything from a formal contract to a letter or even an email.

The specific type of contracts that are generally included in the Statute of Frauds include those for the sale of an interest in land, any contract for the selling of goods that are more than $500 in value, certain types of contracts involving marriage (such as a promise to marry), contracts to pay the debt of another individual, and any contract that is not to be completed within one year of its execution.

There are, however, certain exceptions to the statute of frauds. For example, in many states there is an "execution of work" exception that allows an oral contract to be carried out as long as the work being done or goods being supplied are part of it. In these cases, even if the contract was not written down, it can still be enforced.

In conclusion, the Statute of Frauds stands as one of the oldest and most important of common law concepts, designed to protect parties from entering into contracts they never agreed to. It requires certain types of agreement to be in writing, signed, and to have some form of delivery to prove the contract, and varies slightly from state to state. Knowing the requirements of the Statute of Frauds, and the exceptions that are made for it, is important for any party looking to enter a legally binding contract.