Contracts
In Oregon, which of the following creates a valid, binding real estate contract?
AA verbal offer to purchase accepted verbally by the seller
BA written offer signed by the buyer, accepted in writing by the seller, with consideration and proper property description✓ Correct
CAn email exchange between buyer and seller regarding price only
DA handshake agreement witnessed by the real estate agents
Explanation
Under Oregon's Statute of Frauds, a valid enforceable real estate purchase contract must be in writing, signed by both parties, contain adequate consideration (purchase price), include a reasonable property description, and reflect mutual assent (meeting of the minds on all material terms). Verbal agreements, emails without signatures, and handshakes are generally not sufficient.
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