Under Missouri law, for a real estate purchase agreement to satisfy the Statute of Frauds and be enforceable, which of the following is the minimum requirement?
Correct Answer
A) The agreement must be in writing and signed by the party against whom enforcement is sought
RSMo § 432.010, Missouri's Statute of Frauds, requires that contracts for the sale of real estate must be in writing and signed by the party to be charged (the party against whom enforcement is sought). This is the minimum legal requirement for enforceability. No witnesses, notarization, filing, or professional preparation is required to satisfy the Statute of Frauds for a real estate purchase agreement.
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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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