Sarah, a licensed Mississippi salesperson, prepares a purchase agreement for her buyer client Marcus, who wants to purchase a home in Hattiesburg. The seller accepts the offer. Which party's signature is minimally required on the purchase agreement for it to be enforceable against the seller under Mississippi's Statute of Frauds?
Correct Answer
C) Only the seller's signature is required, as the seller is the party to be charged with conveying title
Mississippi's Statute of Frauds (Miss. Code Ann. §15-3-1) requires that a real estate contract be in writing and signed by 'the party to be charged.' To enforce the contract against the seller — i.e., to compel the seller to convey — only the seller's signature is strictly required as a Statute of Frauds matter.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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