James is purchasing a residential property in Jackson, Mississippi. The purchase agreement specifies a closing date of March 15. On March 14, the seller informs James that she needs two more weeks to vacate. James agrees verbally. When the seller still has not vacated by March 29, James wants to enforce the original March 15 closing date. Under Mississippi law, what is the most likely outcome?
Correct Answer
A) James can enforce the March 15 date because the verbal modification is unenforceable under the Statute of Frauds
Under Mississippi's Statute of Frauds (Miss. Code Ann. §15-3-1), modifications to a contract for the sale of real property must also be in writing to be enforceable. A verbal agreement to extend the closing date modifies a material term of the real estate contract and is therefore unenforceable. James retains the right to enforce the original written contract terms.
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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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