An Arizona buyer makes a full-price offer on a property. Before the seller signs, the seller's agent calls the buyer's agent to say the seller will accept. The contract is:
Why Not yet binding, because the Statute of Frauds requires a written, signed acceptance Is Correct
Answer B: Not yet binding, because the Statute of Frauds requires a written, signed acceptance
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
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Key Terms to Know
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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