Under Michigan law, which of the following is NOT a required element for a purchase agreement for real property to be enforceable under the Statute of Frauds?
Correct Answer
D) The agreement must be notarized by a Michigan notary public
Notarization is NOT required for a purchase agreement to be enforceable under Michigan's Statute of Frauds (MCL 566.108). A purchase agreement must be in writing, identify the parties, describe the property, state the consideration, and be signed by the party to be charged — but notarization is not among these requirements. Notarization is required for deeds to be recorded, not for purchase agreements to be enforceable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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