Contracts
Under Georgia law, which statement about oral real estate contracts is most accurate?
AAll oral real estate contracts are void
BOral real estate contracts may be valid between the parties but are unenforceable under the Statute of Frauds✓ Correct
COral contracts are fully enforceable if witnessed
DOral contracts are valid for transactions under $50,000
Explanation
Under the Statute of Frauds, contracts for the sale of real property must be in writing to be enforceable in court. While an oral agreement may exist morally between parties, it cannot be legally enforced.
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Key Terms to Know
Purchase Agreement
A 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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
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