Contracts
In New York, a 'binder' or 'memorandum of sale' signed before the formal contract is typically:
AA fully enforceable binding contract on both parties
BA non-binding expression of intent subject to the execution of a formal contract✓ Correct
CRequired by law for all residential sales
DOnly valid if notarized
Explanation
In New York practice, a binder or memorandum of sale is generally considered a non-binding expression of intent. The parties are typically not bound until the formal written contract is signed, especially given New York's attorney review practices.
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