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July 25, 2008, Newsletter Issue #125: Vehicle Bill of Sale For Statute of Frauds Compliance
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Tip of the Week
If you are buying or selling an automobile for $500 or more in the United States, the sale transaction must be documented in writing in order to be legally enforceable. This regulation falls under the Statute of Frauds under the Uniform Commercial Code, which actually states that written documentation is necessary for the sale of most types of goods sold for $500 or more.
A vehicle bill of sale serves as written documentation of the sale and terms of the agreement, and can be an important protection for both buyers and sellers. Without such written documentation, either party to the sale, assuming the cost of the vehicle is $500 or more, would have the right to void the agreement under the Statute of Frauds.
There is no reason to take the chance of running into an unnecessary problem with contract enforceability when purchasing or selling a vehicle. Completing bill of sale forms can be very simple, particularly when you use an online bill of sale template like the ones you can find at Rocket Lawyer.
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