The Purchase Contract Real Estate Law 1 (these are all sub questions and defined as one)
1. Several friends share a celebratory bottle of champagne as they sign their lease for their new apartment. Which of the following statements is correct?
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The contract would be unenforceable as the friend’s lack capacity to enter a valid agreement. |
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The contract would be enforceable, as after one glass of champagne the parties would likely retain capacity to enter into a valid agreement. |
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The contract would be unenforceable because the parties lack legal purpose. |
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The contract would be enforceable if the parties were intoxicated at the time of signing. |
2. In many states, which of the following contracts must be in writing or evidenced by writing?
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Contracts involving mortgages and deeds |
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Contracts for a lease for property for one year or more |
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Contracts for prenuptial agreements |
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All these answers are correct |
3. Which of the following is a requirement to allow real estate contracts to be enforceable by part performance exception?
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A promise to start paying the purchase price has been made |
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The party has received possession of the property |
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Minor improvements have been made to the property |
4.
Larry and Michael enter into a written agreement for Michael to mow Larry’s lawn once a week for the next year and a half. Michael signs the agreement, but Larry does not. If Michael fails to mow Larry’s lawn as per the agreement, can Larry enforce the agreement against Michael?
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No, the signature of both parties are necessary to enforce the written agreement. |
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Yes, it does matter which party signs the agreement as long as one party signs it. |
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No, the person seeking to enforce the agreement must have signed it. |
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Yes, if the party against whom a person seeks to enforce the agreement has signed, it can be enforced |
5. A real estate contract that includes a legally sufficient description of the property, terms and conditions of the transaction, and signatures of parties is considered:
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Invalid because the parties of to the transaction are not identified. |
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Valid because the signatures of the parties is considered sufficient to identify their names. |
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Invalid because the buyer has not made a deposit on the property. |
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Invalid because terms for insurance are not included within the essential terms. |
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