Arizona law requires that contracts for the sale of real property include an adequate legal description. Which of the following is NOT an acceptable legal description?
Why Street address only (e.g., 123 Main Street, Phoenix, AZ) Is Correct
Answer C: Street address only (e.g., 123 Main Street, Phoenix, AZ)
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.
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Key Terms to Know
A 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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
State-Specific Concepts
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