Under the Statute of Frauds, real estate contracts in Arkansas must be:
Correct Answer
B) In writing and signed by the parties to be charged
The Statute of Frauds requires that contracts for the sale or transfer of real estate be in writing and signed by the party to be charged (the party against whom enforcement is sought) in order to be legally enforceable. This rule applies in Arkansas and prevents disputes over alleged oral agreements involving real property.
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Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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