Contracts
A contract for the sale of real estate that does not identify a specific price is generally:
AValid if the parties had a verbal price agreement
BUnenforceable because the price (an essential term) is missing✓ Correct
CValid if the parties agree later
DEnforceable if a broker witnessed the signing
Explanation
A real estate contract must include definite essential terms, including the price. A contract without a specific or determinable price lacks an essential term and is generally unenforceable.
Related Alabama Contracts Questions
- In Alabama, a purchase contract signed under economic duress — where one party had no reasonable alternative but to sign — may be:
- Time is of the essence in a real estate contract means:
- An 'escalation clause' in a buyer's offer:
- Under Alabama law, a contract signed by a minor (under age 19) is generally:
- A real estate agent who includes a clause in a purchase contract that protects only the agent's interests at the expense of their client is:
- An escalation clause in a purchase offer allows the buyer to:
- Which of the following is NOT a required element for a valid real estate contract in Alabama?
- A contract signed under duress is:
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