For an addendum to a real estate contract to be valid, it must be:
Correct Answer
B) Signed by all parties to the original contract
An addendum modifies or adds terms to an existing contract. To be valid and enforceable, it must be signed by all parties to the original contract, reflecting the same mutual agreement required to form the original contract. No approval from the RI Division of Business Regulation is required, an attorney is not required to draft it, and recording at the Registry of Deeds is not a requirement for the addendum itself to be binding between the parties.
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Related Topics & Key Terms
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Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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