Under New York's Statute of Frauds, which signature requirement must be met for a real estate purchase contract to be enforceable?
Correct Answer
C) Only the party against whom enforcement is sought must have signed
New York's Statute of Frauds requires that the contract be signed by 'the party to be charged' - meaning the party against whom enforcement is sought. If the buyer sues the seller, only the seller's signature is required for enforcement against the seller, and vice versa.
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Previous Question
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?
Next Question
Jennifer contracts to purchase a house in Albany from Steven for $400,000. The contract includes a clause requiring Jennifer to obtain homeowner's insurance before closing. Three days before closing, Jennifer's insurance application is denied due to the property's proximity to a flood zone. Steven refuses to extend the closing or modify the contract. Under New York law, what is the most likely result?