Under Idaho's Statute of Frauds, which of the following contracts for the sale of real property is enforceable?
Correct Answer
B) A written and signed agreement describing the property, the parties, and the purchase price
Under Idaho's Statute of Frauds (I.C. § 9-505), contracts for the sale of real property must be in writing, signed by the party to be charged (or their authorized agent), and must describe the property with sufficient certainty. A written and signed agreement with the essential terms — parties, property description, and price — satisfies the Statute of Frauds and is enforceable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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