For a real property transaction, which combination satisfies the Statute of Frauds?

Study for the Themis Contracts Exam. Practice with comprehensive quizzes with flashcards and multiple choice questions, each question comes with detailed explanations. Be fully prepared for your exam!

Multiple Choice

For a real property transaction, which combination satisfies the Statute of Frauds?

Explanation:
Real estate contracts usually must be in writing, but there’s a well-known exception called part performance. If the buyer has taken steps that clearly reference the contract, the agreement can be enforceable even without a writing. The key idea is that two distinct acts among paying the price, taking possession, and making valuable improvements demonstrate the contract’s existence. Payment alone doesn’t prove the contract, nor does possession alone or improvements alone. However, doing two of these actions together (for example, paying part of the price and taking possession, or paying and making improvements) shows enough unequivocal performance to satisfy the Statute of Frauds. That’s why the best answer is the combination of two of these actions.

Real estate contracts usually must be in writing, but there’s a well-known exception called part performance. If the buyer has taken steps that clearly reference the contract, the agreement can be enforceable even without a writing. The key idea is that two distinct acts among paying the price, taking possession, and making valuable improvements demonstrate the contract’s existence. Payment alone doesn’t prove the contract, nor does possession alone or improvements alone. However, doing two of these actions together (for example, paying part of the price and taking possession, or paying and making improvements) shows enough unequivocal performance to satisfy the Statute of Frauds. That’s why the best answer is the combination of two of these actions.

Subscribe

Get the latest from Passetra

You can unsubscribe at any time. Read our privacy policy