Contracts
Arizona's 'Statute of Frauds' requires real estate contracts to be in writing to be enforceable. This requirement applies to:
AOnly contracts over $5,000 in value
BAll contracts for the sale or long-term lease (over one year) of real property, commission agreements for real estate, and listing agreements✓ Correct
COnly commercial real estate transactions
DOnly new construction contracts
Explanation
Arizona's Statute of Frauds requires real estate sales contracts, listing agreements, buyer's broker agreements, leases exceeding one year, and commission agreements to be in writing and signed to be enforceable. Oral real estate contracts are generally unenforceable, protecting parties from fraudulent claims.
Related Arizona Contracts Questions
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