Under Oklahoma law, which of the following best describes the Statute of Frauds requirement as it applies to real estate contracts in Oklahoma?
Correct Answer
B) Real estate contracts must be in writing and signed to be enforceable
Oklahoma's Statute of Frauds (Title 15 O.S. § 136) requires that contracts for the sale of real property must be in writing and signed by the party to be charged in order to be enforceable in court. This prevents fraudulent claims based on alleged oral agreements for real estate transactions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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