ContractsIntermediateDelaware Exam

In Delaware, what makes a real estate contract legally enforceable under the Statute of Frauds?

AThe contract must be witnessed by a notary public

BThe contract must be in writing and signed by the party to be chargedCorrect

CThe contract must be recorded in the county recorder's office

DThe contract must include an attorney review period

Why The contract must be in writing and signed by the party to be charged Is Correct

Answer B: The contract must be in writing and signed by the party to be charged

Delaware's Statute of Frauds requires that contracts for the sale of real property must be in writing and signed by the party against whom enforcement is sought (the party to be charged). Oral real estate contracts are generally unenforceable.

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

Contingency

A condition in a purchase contract that must be satisfied before the sale can proceed to closing.

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

Option Contract

A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.

Earnest Money

A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.

Math Concepts

Profit & Loss

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