Contracts
A buyer and seller in Vermont reach a verbal agreement on the sale of a home but do not reduce it to writing. This agreement is:
AValid and enforceable between the parties
BUnenforceable under Vermont's Statute of Frauds✓ Correct
CValid but only enforceable for 30 days
DBinding only on the seller, not the buyer
Explanation
Vermont's Statute of Frauds requires contracts for the sale of real estate to be in writing to be enforceable. A verbal agreement to sell real estate is generally unenforceable.
Related Vermont Contracts Questions
- Vermont's doctrine of equitable conversion holds that once a purchase contract is signed:
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- What happens to a Vermont purchase contract if the property fails a required inspection and the contract includes an inspection contingency?
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- In Vermont, a real estate purchase and sale agreement is considered 'executory' until:
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