Under New Hampshire law, which of the following elements is required for a real estate purchase contract to be enforceable against the seller?
Correct Answer
C) The contract must be in writing and signed by the party to be charged
Under New Hampshire's Statute of Frauds (consistent with RSA 506:1), contracts for the sale of real property must be in writing and signed by the party against whom enforcement is sought (the party to be charged). This means that to enforce a purchase contract against the seller, the seller's signature on a written agreement is required. Without a written, signed agreement, the contract is unenforceable in a court of law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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