Maria and Tom sign a purchase agreement for a home in Las Vegas. The agreement identifies the property only as '123 Desert Rose Lane, Las Vegas, NV.' No legal description is included. Under Nevada law, is this purchase agreement enforceable?
Correct Answer
D) Yes, because a street address may be sufficient to identify the property with reasonable certainty under Nevada law
Under NRS Chapter 111 and Nevada case law, a property description in a contract need only identify the property with reasonable certainty. A street address can satisfy this requirement if it is sufficient to identify the specific parcel intended by the parties. Courts have upheld contracts using street addresses when the property can be identified without ambiguity.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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.
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