Contracts
In Iowa, an oral lease for exactly one year is typically:
AVoid and unenforceable
BEnforceable as an exception to the Statute of Frauds✓ Correct
COnly enforceable with a notary's signature
DValid only if in electronic form
Explanation
Iowa's Statute of Frauds requires leases for more than one year to be in writing. An oral lease for exactly one year may be enforceable, but oral leases for more than one year are unenforceable.
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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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