Contracts
Under Alaska law, an oral lease agreement for a term exceeding one year is:
AFully enforceable if witnessed
BUnenforceable under the Statute of Frauds✓ Correct
CValid only if the tenant takes possession
DEnforceable only against the landlord
Explanation
The Statute of Frauds requires leases for more than one year to be in writing to be enforceable. An oral lease for a term exceeding one year is unenforceable in Alaska even if both parties agreed to its terms verbally.
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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.
Math Concepts
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