Compliance with Statute of Frauds required in lease contract

Compliance with Statute of Frauds required in lease contract "Is it necessary to sign a contract when entering into an agreement to lease a property?Sharon Dear Sharon,A contract of lease is one where one of the parties binds himself to give to another the enjoyment or use of a thing for a price certain, and for a period which may be definite or indefinite. However, no lease for a period of more than ninety-nine years shall be valid (Article 1643, Civil Code of the Philippines). Contracts of lease are consensual contracts which are perfected at the moment there is a meeting of the minds on the thing and the cause and consideration which are to constitute the contract (Pagurayan vs. Reyes, G.R. No. 154577 : July 23, 2008). Hence, an agreement to lease a property shall be considered valid and perfected from the time the lessor and the lessee agreed on the property to be leased or rented and the amount of rent to be paid. No other form shall be necessary for its perfection.However, the law requires certain contracts to comply with the Statute of Frauds. One of such contracts is an agreement for lease of property for more than one year. Article 1403 of the Civil Code of the Philippines provides: “Article 1403. The following contracts are unenforceable, unless they are ratified:xxx 2. those that do not comply with the Statute of Frauds as set forth in this number. In the following cases an agreement hereafter made shall be unenforceable by action, unless the same, or some note or memorandum thereof, be in writing, and subscribed by the party charged, or by his agent evidence, therefore, of the agreement cannot be received without the writing, or a secondary evidence of its contents:xxxe. an agreement for the leasing for a longer period than one year, xxx”Based on the foregoing, it shall not be necessary for the parties to sign a contract of lease if the period of the lease is not more than one year. However, if the lease of property shall be for more than one year, the parties are required to reduce their agreement into writing. Otherwise, the contract shall be unenforceable by an action. This means that in the event that one of the parties violated the terms of their agreement which did not comply with the Statute of Frauds, the aggrieved party cannot seek redress to the court to enforce the terms that they have orally agreed upon. We hope that we were able to answer your queries. Please be reminded that this advice is based solely on the facts you have narrated and our appreciation of the same. Our opinion may vary when other facts are changed or elaborated." - https://www.affordablecebu.com/