Under the Maryland Statute of Frauds, which of the following real estate agreements is enforceable even if it is NOT in writing?
Correct Answer
A) A month-to-month oral rental agreement for a residential property
Under the Maryland Statute of Frauds (Md. Code Ann., Real Prop. § 5-104), leases for a term of one year or less may be created orally and are enforceable without a writing. A month-to-month oral rental agreement falls within this exception because it is a tenancy of less than one year. Therefore, it is enforceable even without a written agreement.
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Related Topics & Key Terms
Key Terms:
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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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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