Contracts
A lease for more than one year in Arkansas must be:
AVerbal and witnessed
BIn writing to be enforceable under the Statute of Frauds✓ Correct
CApproved by AREC
DFiled with the county recorder
Explanation
Under Arkansas's Statute of Frauds, leases for a period longer than one year must be in writing to be enforceable in court.
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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.
State-Specific Concepts
AREC Regulation
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