Contracts
In Oregon, what is 'reformation' of a contract?
ACanceling a contract due to fraud
BA court order correcting a written contract to reflect the parties' true original intent when the writing contains an error✓ Correct
CModifying a contract by mutual agreement to add new terms
DConverting a residential contract to a commercial one
Explanation
Reformation is an equitable remedy where a court rewrites a written contract to correct a mistake (mutual error or unilateral mistake induced by the other party) so that the document reflects what the parties actually agreed to. In Oregon real estate, reformation might be sought if a property description in a deed contains a scrivener's error that
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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