A NC buyer and seller agree verbally on a sale price but have not yet executed a written contract. This verbal agreement is:
Why Unenforceable under the Statute of Frauds — real estate contracts must be in writing to be enforceable Is Correct
Answer B: Unenforceable under the Statute of Frauds — real estate contracts must be in writing to be enforceable
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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Key Terms to Know
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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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