In Louisiana, a purchase agreement is often structured as a 'promise to sell' (promesse de vente). Under Louisiana Civil Code Art. 2623, a promise to sell immovable property is enforceable only if it meets which of the following requirements?
Correct Answer
B) It must be in writing, identify the property and price, and be signed by both parties
Under Louisiana Civil Code Art. 2623, a promise to sell or buy immovable property must be in writing, must identify the immovable property and the price, and must be signed by the party or parties to be bound. When both parties sign, it creates a bilateral promise (synallagmatic agreement) that is equivalent to a sale in terms of obligations. No notarization or deposit is required for enforceability between the parties, though notarization is needed for recordability.
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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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