An important lesson this week in contracts is to understand that although contracts can exist either verbally or in writing, there are some contracts that are only enforceable if they are in writing. Page 166 of our text (Liuzzo), explains this area of contract law as The Statute of Frauds. Identify one of the six types of contracts that must be in writing to be legally enforceable, and explain how the Statute of Frauds is just as important today, as it has been since similar laws dating back centuries.