Contracts
In Alaska, a lease for more than one year that has not been reduced to writing is:
AValid and fully enforceable
BUnenforceable under the Statute of Frauds✓ Correct
CValid only if both parties have performed under its terms for at least one year
DValid as a month-to-month tenancy
Explanation
Alaska's Statute of Frauds requires leases for more than one year to be in writing to be enforceable. An oral lease for more than one year may be treated as a periodic (month-to-month) tenancy if the parties are in possession, but its terms beyond what is implied by law are unenforceable.
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Key Terms to Know
Earnest Money
A 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.
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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