Under New York's Statute of Frauds, which type of real estate agreement must be in writing to be enforceable?
Correct Answer
A) A lease for more than one year
New York's Statute of Frauds (General Obligations Law §5-703) requires leases for more than one year to be in writing. This applies to any lease term exceeding one year from the date of the agreement.
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Previous Question
Susan's purchase contract for a home in Syracuse includes a financing contingency requiring her to obtain a mortgage commitment within 30 days. On day 25, her lender requests additional documentation. Susan submits the documents on day 28 but doesn't receive the commitment until day 35. Under New York law, what is the likely outcome?
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Thomas contracts to sell his Westchester County home to Maria for $650,000. Before closing, Thomas discovers the property has significantly increased in value and refuses to complete the sale. Maria wants to force the sale. Under New York law, what remedy is Maria most likely to obtain?