Contracts
Under Missouri's Uniform Electronic Transactions Act (UETA), an electronic signature:
AIs never valid for real estate contracts
BHas the same legal effect as a handwritten signature if parties agree to conduct business electronically✓ Correct
CIs valid only for leases, not sales contracts
DRequires MREC approval
Explanation
Missouri's UETA and the federal E-SIGN Act give electronic signatures the same legal status as handwritten signatures when parties agree to conduct transactions electronically.
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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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