Contracts
In Nebraska, a real estate purchase agreement must be in writing to be enforceable under:
AThe Parol Evidence Rule
BThe Statute of Frauds✓ Correct
CNebraska Contract Act Section 12
DThe Uniform Commercial Code
Explanation
The Statute of Frauds requires contracts for the sale of real property to be in writing and signed by the party to be charged to be enforceable in Nebraska.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA 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.
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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