Contracts
What type of contract exists when a buyer and seller have agreed on terms but have not yet signed a written purchase agreement in Minnesota?
AAn express written contract
BAn oral contract that may be unenforceable under the Statute of Frauds✓ Correct
CA void contract
DA voidable contract subject to court approval
Explanation
An oral agreement for the sale of real estate in Minnesota is generally unenforceable under the Statute of Frauds, which requires real property contracts to be in writing. While an oral contract may exist, it cannot be enforced in court.
Related Minnesota Contracts Questions
- A Minnesota purchase agreement is considered an executory contract until:
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