medium · National Real Estate Exam contracts
If a buyer and seller enter into an oral contract for the sale of a farm and both parties fully perform their duties (the price is paid and the deed is delivered), the Statute of Frauds:
- Requires the parties to sign a retroactive written agreement
- No longer applies because the contract is executed
- Voids the transfer and requires a public auction
- Allows the seller to sue to get the farm back due to the lack of a writing
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