Contracts
Under Alabama law, a purchase contract for real property must be in writing to be enforceable under:
AThe Alabama Consumer Protection Act
BThe Statute of Frauds✓ Correct
CThe Uniform Commercial Code
DThe Alabama Disclosure Act
Explanation
The Statute of Frauds requires that contracts for the sale of real property be in writing to be legally enforceable. Oral agreements to purchase real estate are generally not enforceable in Alabama.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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