In Oregon, which of the following is a required element for a purchase and sale agreement to be legally enforceable?
Correct Answer
C) Mutual assent, consideration, and a written and signed agreement
For a real estate purchase and sale agreement to be enforceable in Oregon, it must satisfy the Statute of Frauds, which requires the contract to be in writing and signed by the party to be charged. Additionally, general contract law requires mutual assent (offer and acceptance) and consideration. These are the foundational elements of an enforceable real estate contract in Oregon.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
More Contracts Questions
A Rhode Island salesperson asks about an owner is about to sign a purchase and sale agreement. What is the best answer?
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
- → In Rhode Island, a licensee submits a written purchase or lease offer to an owner. Which statement is correct?
- → A Rhode Island salesperson asks about a listing agreement or contract for sale is prepared. What is the best answer?
- → Which Rhode Island rule applies when a listing agreement lists property with a multiple listing service?
- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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- → For the Hawaii salesperson state portion, interest accrues on a trust-account deposit. Which statement is correct?
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- → For the Hawaii salesperson state portion, a licensee secures a party signature on a Hawaii listing or purchase contract. Which statement is correct?
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