little joe says to Hoss, do you want to buy my car? hoss says, yes do they have a contract why?

Question

little joe says to Hoss, do you want to buy my car? hoss says, yes do they have a contract why?

Answer

Contracts for the sale of goods totaling $500 or more are required to be in writing with specific terms so as to memorialize the agreement made between the parties. This is known as the statute of frauds.

If no written contract exists, there are still ways to establish the existence of the agreement if a dispute does arise, but it is always better to have it in writing.