Contracts
Under New Mexico contract law, which of the following would render a contract unenforceable due to the Statute of Frauds?
AA written contract signed by both parties
BAn oral agreement to sell real estate✓ Correct
CA written lease for 6 months
DA buyer's written offer accepted by the seller
Explanation
The Statute of Frauds requires that contracts for the sale of real property be in writing to be enforceable. An oral agreement to sell real estate cannot be enforced in court.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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