Under Alaska's Statute of Frauds, a real estate contract must be:
Correct Answer
B) In writing and signed by the party to be charged
Under Alaska's Statute of Frauds (AS 09.25.010), contracts for the sale of real property must be in writing and signed by the party against whom enforcement is sought. Oral real estate contracts are generally unenforceable.
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Related Topics & Key Terms
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Related Concepts
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.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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