Contracts
Under Kansas law, what is required for a real estate contract to be enforceable under the Statute of Frauds?
AVerbal agreement with two witnesses
BWritten agreement signed by the party to be charged✓ Correct
CNotarization by a Kansas notary public
DRecording at the county register of deeds
Explanation
Kansas follows the Statute of Frauds, which requires real estate contracts to be in writing and signed by the party against whom enforcement is sought. Verbal real estate contracts are generally unenforceable.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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