Rachel contracts to sell her Staten Island home to Mark for $520,000. The contract includes a clause stating 'This agreement shall be binding upon the heirs, successors, and assigns of the parties.' Before closing, Rachel dies. Her estate wants to cancel the sale, claiming personal contracts don't survive death. Under New York law, what is the most likely outcome?
Correct Answer
C) The estate must complete the sale because real estate contracts are assignable
Under New York law, contracts for the sale of real estate are generally not considered personal service contracts and do survive the death of a party. The specific language binding 'heirs, successors, and assigns' reinforces this. The estate is obligated to convey the property according to the contract terms.
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Previous Question
Antonio signs a contract to purchase a house in Long Island. The contract contains a mortgage contingency clause requiring him to obtain financing within 45 days. On day 40, Antonio decides he no longer wants the house and deliberately fails to apply for a mortgage. The seller discovers Antonio never applied for financing. Under New York law, what is the result?
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Under New York's Statute of Frauds, which signature requirement must be met for a real estate purchase contract to be enforceable?