Contracts
A real estate contract that violates the Statute of Frauds (not in writing) is:
AVoid — it has no legal effect whatsoever
BVoidable — it can be enforced if both parties agree to perform✓ Correct
CValid if witnessed by two persons
DEnforceable only if the buyer has already paid earnest money
Explanation
An oral real estate contract is not void (completely without effect) but is voidable — either party may raise the Statute of Frauds as a defense to refuse enforcement. However, if both parties voluntarily perform, the contract may be considered enforceable, and courts may apply equitable doctrines like part performance.
Related Illinois Contracts Questions
- What is 'mutual assent' and why is it required for a valid Illinois real estate contract?
- In Illinois, the attorney review period in a residential real estate contract typically lasts:
- Which party in a real estate contract is called the 'offeree' when a buyer submits an offer to purchase?
- A counteroffer by the seller:
- A real estate contract that is 'subject to court approval' is one that:
- A buyer's offer is submitted and the seller responds with different terms. This is known as a:
- An 'as-is' clause in a real estate contract means:
- A purchase contract that requires the buyer to obtain mortgage financing within 21 days includes a financing contingency. If the buyer cannot obtain financing within that period, the typical result is:
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