Contracts
A NH lease for a term longer than one year that is NOT in writing is:
AValid for the full term
BUnenforceable under the Statute of Frauds but may create a month-to-month tenancy✓ Correct
CValid if both parties are adults
DEnforceable for exactly one year
Explanation
Under the Statute of Frauds, leases for more than one year must be in writing. An oral lease for more than one year is unenforceable as a long-term lease but may be treated as a month-to-month tenancy if the parties act as if a lease exists.
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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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