medium · National Real Estate Exam
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
Sign up free to see the explanation and track your rank →
More National Real Estate Exam practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- A buyer makes a written offer to a seller. Two days later, before the seller has responded
- A contract for the sale of a property is signed. Before closing, the property is destroyed
- A contract for the sale of real estate that has been signed by both parties is valid, but
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim