Contracts
A Pennsylvania residential lease for exactly 1 year (12 months) is:
ARequired to be in writing under the Statute of Frauds
BEnforceable orally since it is not more than 3 years✓ Correct
CUnenforceable without a notary's acknowledgment
DRequired to be filed with the county recorder
Explanation
Pennsylvania's Statute of Frauds requires leases for more than 3 years to be in writing. A 1-year lease is not more than 3 years, so it is technically enforceable orally.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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