West Virginia's Uniform Electronic Transactions Act allows real estate contracts to be:
Correct Answer
B) Executed with electronic signatures when parties consent
West Virginia's adoption of the Uniform Electronic Transactions Act (UETA) allows real estate contracts to be signed electronically when all parties consent to conduct the transaction electronically. Electronic signatures have the same legal effect as handwritten signatures.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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