Under Ohio law, seller's agent Dan lists a property for $450,000. A buyer submits an offer for $430,000. Dan's seller counters at $440,000. The buyer accepts the counteroffer verbally but has not yet signed the written counteroffer. Under Ohio law, is there a binding contract?
Correct Answer
C) No, because under the Statute of Frauds, real estate contracts must be in writing and signed to be enforceable
Under Ohio's Statute of Frauds, real estate contracts must be in writing and signed by the parties to be enforceable. A verbal acceptance, even if clearly communicated, does not create a binding contract for real estate.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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