Contracts
Which of the following would render an Alabama real estate contract unenforceable under the Statute of Frauds?
AThe contract includes an inspection contingency
BThe contract is oral and not reduced to writing✓ Correct
CThe contract was signed on a weekend
DThe contract uses electronic signatures
Explanation
Under the Statute of Frauds, real estate purchase contracts must be in writing. An oral contract for the sale of real estate is generally unenforceable in Alabama.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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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