Under the Statute of Frauds, a real estate contract in Rhode Island must be:
Correct Answer
B) In writing and signed by the party to be charged
The Statute of Frauds requires that real estate contracts be in writing and signed by the party to be charged in order to be enforceable. This rule exists to prevent fraud and perjury in disputes over alleged oral agreements. In Rhode Island, the Statute of Frauds applies to contracts for the sale of real property and leases exceeding one year. Notarization, witness signatures, and regulatory approval are not required for contract enforceability under the Statute of Frauds.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
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.
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