Under Iowa's Statute of Frauds, a real estate purchase contract must be:
Correct Answer
B) In writing and signed by the parties to be charged
Iowa's Statute of Frauds (Iowa Code §622.32) requires contracts for the sale of real property to be in writing and signed by the party to be charged. Oral real estate contracts are generally unenforceable in Iowa. The writing requirement protects all parties by ensuring the terms of the agreement are clearly documented.
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Related Topics & Key Terms
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Related Concepts
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.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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