Contracts
Under Delaware contract law, what is necessary for a real estate contract to be enforceable?
AOnly an oral agreement between the parties
BA written agreement signed by all parties✓ Correct
CNotarization by a Delaware notary
DRecording at the county recorder's office
Explanation
Under Delaware's Statute of Frauds, contracts for the sale of real estate must be in writing and signed by all parties to be enforceable.
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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.
Math Concepts
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