Under Washington's Statute of Frauds (RCW 19.36.010), which of the following real estate agreements must be in writing to be enforceable?
Correct Answer
B) A written contract for the sale of real property signed by the parties
Under RCW 19.36.010, Washington's Statute of Frauds requires contracts for the sale of real property to be in writing and signed by the party to be charged (or their authorized agent) to be enforceable. A written Purchase and Sale Agreement signed by the parties satisfies this requirement. This is the foundational rule governing real estate contracts in Washington.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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.
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