solution

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?

The contract would be unenforceable as the friend’s lack capacity to enter a valid agreement.

The contract would be enforceable, as after one glass of champagne the parties would likely retain capacity to enter into a valid agreement.

The contract would be unenforceable because the parties lack legal purpose.

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?

Contracts involving mortgages and deeds

Contracts for a lease for property for one year or more

Contracts for prenuptial agreements

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?

A promise to start paying the purchase price has been made

The party has received possession of the property

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?

No, the signature of both parties are necessary to enforce the written agreement.

Yes, it does matter which party signs the agreement as long as one party signs it.

No, the person seeking to enforce the agreement must have signed it.

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:

Invalid because the parties of to the transaction are not identified.

Valid because the signatures of the parties is considered sufficient to identify their names.

Invalid because the buyer has not made a deposit on the property.

Invalid because terms for insurance are not included within the essential terms.

 
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