Under Montana law, which of the following is NOT a required element for a valid real estate purchase agreement to be enforceable under the Statute of Frauds?
Correct Answer
D) The agreement must be notarized by a licensed notary public
Notarization by a licensed notary public is NOT required for a residential purchase agreement to be enforceable under Montana's Statute of Frauds. The Statute of Frauds requires real estate contracts to be (1) in writing, (2) identify the parties, (3) describe the property, (4) state the consideration, and (5) be signed by the party to be charged. Notarization is required for deeds and recordable instruments, not for purchase agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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