Contracts
In New York, an 'option contract' for the purchase of real property is enforceable only if it:
AIs recorded in the county clerk's office within 30 days
BIs supported by consideration and is in writing✓ Correct
CIs signed by both parties in the presence of a notary
DContains a purchase price above $250,000
Explanation
An option contract in New York must be in writing (to satisfy the Statute of Frauds) and must be supported by consideration paid by the option holder (even a nominal amount). The consideration 'buys' the seller's promise to keep the offer open for the option period.
Related New York Contracts Questions
- Under New York law, if a real estate contract does not specify a closing date, a court may hold that a 'reasonable time' to close is:
- In New York, a 'tender' in a real estate context means:
- In New York, a contract for the sale of real property that is not supported by adequate 'consideration' is:
- In New York, a seller's failure to disclose a known material defect in the Property Condition Disclosure Statement may give the buyer the right to:
- The four essential elements of a valid contract are:
- In New York, when a seller accepts an offer 'subject to board approval' on a co-op, the contract is:
- In New York, the equitable doctrine that allows a buyer to demand specific performance of a real estate contract is available because:
- The 'merger doctrine' in New York real estate law means that after closing:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →