Contracts
In Pennsylvania, the Statute of Frauds' requirement as applied to real estate contracts means:
AAll real estate contracts must be notarized by a Pennsylvania notary public to be enforceable
BReal estate contracts must be in writing and signed by the party against whom enforcement is sought to be enforceable✓ Correct
CVerbal real estate contracts are fully enforceable if witnessed by two disinterested parties
DThe writing requirement applies only to commercial real estate transactions over $10,000
Explanation
Pennsylvania's Statute of Frauds (33 P.S. §1) requires that contracts for the sale of real estate must be in writing and signed by the party against whom enforcement is sought. A verbal agreement to sell real estate is generally unenforceable in Pennsylvania courts. The written agreement must contain the essential terms: parties, property description, purchase price, and material conditions. This requirement applies to sales contracts, leases over three years, and option agreements.
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