Contracts
Under Iowa law, an agent's authority to sign a contract on behalf of a principal must be:
AAlways verbal to be binding
BIn writing under the Equal Dignities Rule when the contract being signed must itself be in writing✓ Correct
CWitnessed by two persons
DFiled with the IREC prior to use
Explanation
The Equal Dignities Rule in Iowa requires that if a contract must be in writing to be enforceable (such as a real estate contract under the Statute of Frauds), then the agent's authority to sign that contract on behalf of the principal must also be in writing.
Related Iowa Contracts Questions
- Which element is NOT required for a valid real estate contract in Iowa?
- Novation in a real estate contract context means:
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- An Iowa seller counters a buyer's offer and gives the buyer 48 hours to respond. Before the 48 hours are up, the seller revokes the counter. Is the revocation valid?
- In Iowa, earnest money deposited with a listing broker is typically held in:
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