Contracts
What is the 'statute of frauds' and how does it apply to Illinois real estate contracts?
AA law preventing fraudulent property transfers; requires notarization
BA law requiring certain contracts, including real estate contracts, to be in writing to be enforceable✓ Correct
CA federal statute preventing mortgage fraud; enforced by the FBI
DAn Illinois law requiring disclosures in all residential transactions
Explanation
The Statute of Frauds requires certain types of contracts to be in writing and signed to be legally enforceable. Real estate contracts (purchase agreements), leases for more than one year, and listing agreements must be in writing under Illinois law. Oral agreements to buy or sell real estate are generally not enforceable.
Related Illinois Contracts Questions
- What does 'time is of the essence' mean in an Illinois real estate contract?
- In an Illinois real estate transaction, what is 'consideration' and why is it required?
- What is a 'mortgage contingency' in an Illinois real estate purchase contract?
- What is a 'force majeure' clause and has it been relevant in Illinois real estate during recent years?
- What is a 'hold harmless' or 'indemnification' clause in an Illinois real estate contract?
- What is 'earnest money' in an Illinois real estate transaction, and what happens to it if the sale closes?
- What is a 'seller's disclosure of lead-based paint' and when is it required in Illinois?
- In Illinois, a buyer's right to conduct an inspection of a property is typically established by:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →