In Indiana, a valid real estate purchase agreement must be in writing to be enforceable. This requirement is based on which legal doctrine?
Correct Answer
B) The Statute of Frauds
Indiana's Statute of Frauds (IC 32-21-1-1) requires that contracts for the sale of real estate must be in writing and signed by the party to be charged in order to be enforceable. This is a foundational requirement for all Indiana real estate purchase agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
- → In Rhode Island, a licensee submits a written purchase or lease offer to an owner. Which statement is correct?
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- → Which Rhode Island rule applies when a listing agreement lists property with a multiple listing service?
- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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- → For the Hawaii salesperson state portion, interest accrues on a trust-account deposit. Which statement is correct?
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