Statute Of Frauds
To be enforceable, any contract effecting an interest in real property (except oral lease of 1 year or less) must be in writing and signed by the party to be charged with its breach or an authorized agent whose authority is expressed in a writing.
- Example : Jason verbally offers to purchase Kelly’s house. Kelly agrees and verbally accepts Jason’s offer. Two weeks later, Kelly enters a written contract of sale to convey her home to Zach. The verbal agreement between Jason and Kelly is unenforceable and Zach has a binding contract to purchase Kelly’s home.