A purchase agreement in Tuscaloosa, Alabama specifies that the closing shall occur on or before March 15. The seller's attorney is unavailable and requests a one-week extension. The buyer agrees verbally but does not sign any written amendment. The seller fails to close by March 15, and the buyer demands the seller be held in default. Which of the following is the most accurate statement about this situation?
Correct Answer
C) The modification to the closing date should have been made in writing to be enforceable against either party
Under Alabama's Statute of Frauds (Code of Alabama §8-9-2) and general contract principles, modifications to a written real estate contract — including changes to the closing date — should be made in writing to be enforceable. A verbal agreement to modify a material term of a real estate purchase agreement is generally not enforceable, meaning the original March 15 deadline remains the operative term.
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Related Topics & Key Terms
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Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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