Contracts
For an Iowa real estate purchase agreement to be legally enforceable, which element is NOT required?
AOffer and acceptance
BConsideration
CNotarization by a licensed notary✓ Correct
DCompetent parties
Explanation
A purchase agreement in Iowa requires offer and acceptance, consideration, competent parties, legal purpose, and must be in writing (Statute of Frauds). Notarization is not required for a purchase agreement — it is required for deeds.
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