Fryatt took his goal tally to 12 and left Walsall fans wondering why the Saddlers are prepared to part with his services when he is obviously their man in goalscoring form.
The Saddlers, however, had little trouble in increasing their unbeaten home run to five games as a result of their success over Yeovil.
Walsall sealed their latest home win when Jorge Leitao scored their second goal seven minutes from time with one of his best efforts for the club.
Yeovil, meanwhile, slumped to their fifth successive defeat to put manager Steve Thompson under even more pressure.
The Glovers were rarely able to get back into the game as their lack of cutting edge was again their downfall.
Walsall's rock solid defence - in which Ian Roper was the lynchpin - have now conceded only two goals in their last seven games.
The writing, however, was on the wall in the 18th minute when Efe Sodje pulled back Fryatt and there was little doubt that it was a penalty which the young striker despatched for his 12th goal of the season.
Yeovil, who had twice beaten Walsall in cup games in the Midlands, could not make it a hat-trick despite some spirited play in the second half.
In the second half Yeovil were twice denied by goal-line clearances from Craig Pead and Julian Bennett to keep out efforts from skipper Terry Skiverton and Phil Jevons.
Yeovil's disappointment was compounded in the 83rd minute when a shot form Fryatt rebounded into the path of Leitao who scored with a spectacular cross-shot to seal the game.