Contracts
A NC buyer and seller agree verbally on a sale price but have not yet executed a written contract. This verbal agreement is:
ABinding since both parties agreed
BUnenforceable under the Statute of Frauds — real estate contracts must be in writing to be enforceable✓ Correct
CEnforceable if witnessed by a real estate broker
DBinding until one party changes their mind
Explanation
Under NC's Statute of Frauds, a contract for the sale of real property must be in writing and signed to be enforceable — verbal agreements to buy or sell real estate are not enforceable.
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