Contracts
A lease agreement in Kentucky must be in writing if the lease term is:
AMore than 30 days
BMore than 1 year✓ Correct
CMore than 6 months
DAny commercial lease regardless of length
Explanation
Under Kentucky's Statute of Frauds, a lease agreement for more than one year must be in writing to be enforceable.
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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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