What is the legal requirement for contracts over $1,000 in Virginia?

In Virginia, the legal requirement for contracts exceeding $1,000 is that they must be in writing to be enforceable. This requirement is rooted in the Statute of Frauds, which aims to prevent fraudulent claims and misunderstandings about agreements. By necessitating a written form for higher-value contracts, the law ensures that there is clear evidence of the terms agreed upon by the parties involved. This written documentation helps reduce disputes and provides a reliable reference in case of legal challenges.

The other options suggest various forms of agreements or additional conditions that do not align with the established legal framework in Virginia. Contracts that are merely oral may lead to ambiguities and difficulties in enforcing terms, particularly in disputes. Requiring a witness or notarization, while useful in certain contexts, is not a blanket requirement for the validity of contracts over $1,000. Thus, the correct understanding is that a written contract provides the necessary clarity and enforceability for larger agreements in Virginia.