Which law requires that certain contracts must be in writing?

The Statute of Frauds is the law that mandates certain contracts be in writing to be enforceable. This legal principle aims to prevent fraud and misunderstandings in agreements that are significant in nature. Specifically, it applies to contracts involving significant amounts of money or long-term commitments, such as real estate transactions, contracts that cannot be performed within one year, and agreements involving the sale of goods over a certain value.

Having contracts in writing ensures there is clear, tangible evidence of the agreement's terms, which can protect parties in case of disputes. Understanding the importance of the Statute of Frauds is essential for anyone involved in business, as it also highlights the requirement for documentation to uphold a contract's validity when it comes to certain types of agreements.

The other options pertain to different concepts: the Doctrine of Delegation involves transferring obligations under a contract, ICLACO is not a recognized legal term related to contracts, and Caveat Emptor is a principle indicating that buyers assume the risk in a transaction unless otherwise protected.