According to the Statute of Frauds, how must auction contracts be executed?

The correct answer is that auction contracts must be written down according to the Statute of Frauds. This legal provision mandates that certain types of contracts, including those involving the sale of goods over a specific dollar amount or real estate transactions, must be in writing to be enforceable in a court of law.

The rationale behind this requirement is to prevent fraud and misunderstandings by providing a clear and tangible record of the agreement, which includes terms, conditions, and the parties involved. In the context of auction contracts, having a written document ensures that both the seller and the buyer have a mutual understanding of the terms and can refer back to this record if disputes arise.

While other methods of agreement, such as oral agreements, can occur in practice, they do not hold up in legal contexts governed by the Statute of Frauds. Therefore, for an auction contract to be valid and enforceable, it must be documented in writing, ensuring clarity and protection for all parties involved.