A buyer's agent in Lincoln, Nebraska prepares a purchase agreement for her client. The agreement includes the purchase price, legal description of the property, and the signatures of both buyer and seller, but does not specify a closing date. Under Nebraska law, this purchase agreement is most likely:
Correct Answer
D) Enforceable, because a reasonable closing time will be implied by the court if not specified
Nebraska law does not require a specific closing date as a statutory element of a purchase agreement. When a closing date is not specified, courts will imply a reasonable time for performance. The essential elements under Nebraska's Statute of Frauds are that the contract be in writing, identify the parties, describe the property, and state the consideration — a specific closing date is not mandated by statute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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