Under Missouri's Statute of Frauds, which of the following real estate agreements is MOST likely to be enforceable even without a written, signed document?
Correct Answer
A) A written lease for a residential property for a term of exactly one year
Missouri's Statute of Frauds (RSMo § 432.010) requires contracts for the sale of real estate and leases for a term longer than one year to be in writing and signed to be enforceable. A written lease for exactly one year falls at or within the threshold — leases of one year or less do not require a writing under Missouri law. Therefore, a written lease for exactly one year is the most likely to be enforceable because it is already in writing and its term does not exceed the statutory threshold requiring a written instrument.
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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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