Contracts
In Hawaii, a real estate purchase contract must be in writing to be enforceable under the:
AA. Parol Evidence Rule
BB. Statute of Frauds✓ Correct
CC. Hawaii Land Court Act
DD. Uniform Commercial Code
Explanation
The Statute of Frauds requires real estate contracts to be in writing and signed to be legally enforceable, preventing fraud through oral agreements about land.
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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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