A buyer in New Haven, Connecticut submits a written offer to purchase a condominium. The seller's agent verbally accepts the offer on behalf of the seller over the phone and tells the buyer's agent the deal is done. The seller then receives a higher offer and signs the second buyer's written contract instead. The first buyer claims a binding contract exists. Under Connecticut law, which statement is most accurate?
Correct Answer
B) No binding contract exists because the seller's verbal acceptance through an agent does not satisfy the Statute of Frauds requirement for a written, signed agreement
Under Connecticut's Statute of Frauds (CGS § 52-550), contracts for the sale of real property must be in writing and signed by the party to be charged. A verbal acceptance, even communicated through a licensed agent, does not satisfy this requirement. The first buyer has no enforceable contract because the seller never signed a written agreement accepting the first offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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