Contracts
For a real estate contract to be enforceable in Hawaii, it must be in writing under:
AThe Parol Evidence Rule
BThe Statute of Frauds✓ Correct
CThe Statute of Limitations
DThe Equal Credit Opportunity Act
Explanation
Hawaii's Statute of Frauds requires contracts for the sale of real property to be in writing and signed to be legally 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.
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