Statutes of Fraud and Statute Research Paper

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Statute of Limitations for Fraud

This refers to the maximum time legal action may be brought against someone for the commission of a fraud.

This Statute depends on the jurisdiction. Most federal crimes in general have up to 5 years to prosecute. Capital offenses, however, have no Statutes of limitation. Federal frauds carry 10 years Statutes of limitation. These include frauds committed against banks and financial institutions and involving passports or citizenship. Major frauds in the U.S. carry a seven-year limit. Tax frauds have a 6-year limit.

Legal action is usually begun upon the commission or discovery of the fraud.

Alaska, Kentucky and Missouri observe a 10-year limit for fraud. Limit for Alabama is only 2 years and Louisiana, only 1 year after the commission of the fraud.

Like murder and other crimes, fraud can overwhelm a victim's whole life.

Fraud is thus governed by this Statute of Limitations.

The reason for setting a time limit to file a complaint is to discourage people from delaying the action. It also prevents harassments of endless threats of suits. If time set has expired, the court can no longer hear it. Examples of federal frauds are mail fraud and wire fraud, which are limited to 5 years. It is 10 years if the fraud affects a financial institution. All other limits are determined by the states. The standard varies from state to state, especially concerning fraud.

Conclusion

The Statute of frauds has gone through a historical process of change and erosion.

Commitments and promises freely or verbally made and intended to be legally binding, should be enforceable, will go against the concept of the Statute. It was designed to prevent fraud, but it is also overwhelmingly over-inclusive. It covers a multitude of cases where an unwritten promise was made. The Statute provides defendants with ways to get out of promise that should be enforced by allowing them to argue that the promise was made not in writing.

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This is an overall view of the Statute.

A lesson learned is that one should always put contracts in writing so that there will be no need to worry about the Statute. Writing contracts or agreements will eliminate the burden of proving the agreement, as it becomes one's very evidence.

And even if the Statute does not apply to a specific contract or agreement, reducing the essential details or terms into a written and signed document is always a good practice.

Although an oral contract may be valid and thus cannot be invalidated by the Statute, the terms are usually difficult to prove without a written agreement. This often leads to misunderstandings and dispute over the exact terms of the agreement.

BIBLIOGRAPHY

3 Taylor Klett, the Statute of Frauds, Chapter 15 (Sam Houston State University, 2006)

Uniform Commercial Code, Article 2 2-201 LII (2004)

Maurice Sellbinder, Criminal Fraud and Statute of Limitations (2013),

http://www.ehow.com/about_6597513_criminal-fraud-statute-limitations.html

3 Michael M. Wechlser, the Statute of Frauds and Contracts in the LAW GUIDE (the

Law Network, LLC, 2009)

Maurice Sellbinder. Criminal Fraud and Statute of Limitation (2013), http://www.ehow.com/about_6597513_criminal-fraud-statute-limitations.html

Taylor Klett. The Statute of Frauds, Chapter 15. Sam Houston State University ( 2006)

ibid

Michael M. Wechlser. The Statute of Frauds and Contracts in the LAW GUIDE (the

Law Network, LLC, 2009)

ibid ibid

Uniform Commercial Code. Article 2 2-201 LII (2004)

ibid

Ibid, op.cit ibid

Taylor Klett. The Statute of Frauds, Chapter 15. Sam Houston State University ( 2006)

Ibid, Uniform Commercial Code, Article 2 2-201 LII (2004)

ibid

Ibid, op.cit

Michael M. Wechlser. The Statute of Frauds and Contracts in the LAW GUIDE (the

Law Network, LLC, 2009)

ibid

Op.cit ibid

Uniform Commercial Code. Article 2 2-201 LII (2004)

ibid

Taylor Klett. The Statute of Frauds, Chapter 15. Sam Houston State University ( 2006)

ibid

Ibid, loc. cit ibid….....

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