For an addendum to a Delaware real estate contract to be legally effective, it must be:
Correct Answer
B) Signed by all parties to the original contract
An addendum modifies or supplements an existing contract and must be signed by all parties to the original contract to be binding. In Delaware, unsigned addenda are not enforceable modifications. No Commission approval, attorney drafting, or recording is required for an addendum to be effective between the parties.
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Related Topics & Key Terms
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Related Concepts
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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