Response to a discussion 150 words
"Based on its name you might think that the Statute of Frauds has something to do with criminal or civil fraud, but it doesn't. The name "Statute of Frauds" actually refers to a law passed by the British Parliament in 1677, and the name has been retained through the centuries.
It specifies which kinds of contracts must be in writing in order to be enforceable. Its purpose is to prevent the enforcement of oral agreements through perjury.
The most common applications of the Statute of Frauds in Virginia are as follows:
Holding a person responsible for the promise to pay the debt of another
Contracts for the sale of real estate
Leases for real estate over 1 year
Agreements which cannot be performed within 1 year
Agreement to lend more than $25,000
While the Statute requires a written agreement, almost any writing sufficient to indicate some kind of agreement between the parties may suffice.
However, the "writing" must be signed by the party who is being charged.
Thus, the venerable Statute of Frauds is still an important and influential part of modern law." (Gross and Romanick, PC, Fairfax, Virginia )
I believe that they made two key statements that apply to this discussion. First the statement that "the Statute requires a written agreement, almost any writing sufficient to indicate some kind of agreement between the parties may suffice." And second, they state that "the ‘writing' must be signed by the party who is being charged."
I think this explains clearly why an electronic signature has become as binding as a physically signed document. If you are asking my personal opinion, I would respond that it has developed out of both a valid necessity of meeting the requirements of the Statute of Frauds and an attempt to meet the ever evolving need to accommodate the digital age.