Examples of Statute of Frauds in Real Estate Transactions

📚 Quick Study Guide

• 📜 Statute of Frauds: Requires certain contracts to be in writing to be enforceable.
• 🏡 Real Estate Contracts Covered:
  • 📝 Agreements for the sale of land
  • ✍️ Leases for longer than one year
  • 🤝 Mortgages and other security interests
  • ⛏️ Easements
• 🔑 Essential Elements of a Written Agreement:
  • ✍️ Identification of the parties
  • 🏡 Clear description of the property
  • 💰 Purchase price
  • 🗓️ Terms of payment
  • ✅ Signatures of the parties
• ⚠️ Exceptions:
  • Partial Performance
  • Promissory Estoppel

Practice Quiz

1. Which of the following real estate contracts MUST be in writing to be enforceable under the Statute of Frauds?
   1. A. A six-month lease agreement.
   2. B. An agreement to sell land.
   3. C. An agreement to paint a house.
   4. D. A verbal agreement for property management services.
2. What is the primary purpose of the Statute of Frauds?
   1. A. To prevent fraudulent claims and perjury in contract disputes.
   2. B. To simplify real estate transactions.
   3. C. To encourage verbal agreements.
   4. D. To reduce the workload of courts.
3. Which element is NOT typically required in a written real estate contract to satisfy the Statute of Frauds?
   1. A. Identification of the parties.
   2. B. A detailed description of neighborhood amenities.
   3. C. The purchase price.
   4. D. Signatures of the parties.
4. Which of the following scenarios is most likely to be an exception to the Statute of Frauds under the doctrine of partial performance?
   1. A. The buyer paid a small deposit but has not taken possession of the property.
   2. B. The buyer has paid the full purchase price and has made significant improvements to the property with the seller's knowledge.
   3. C. The seller promised to sell the property but changed their mind before any actions were taken.
   4. D. The agreement was made between family members.
5. A buyer and seller verbally agree on the sale of a property for $500,000. The buyer sends the seller a signed written offer for that amount. The seller does NOT sign it. Is the agreement enforceable under the Statute of Frauds?
   1. A. Yes, because the buyer signed a written offer.
   2. B. No, because the seller did not sign the written offer.
   3. C. Yes, because the verbal agreement confirms the intent.
   4. D. Only if the buyer pays a non-refundable deposit.
6. Which type of interest in real property typically requires a written agreement to comply with the Statute of Frauds?
   1. A. A license to hunt on the property for one day.
   2. B. A short-term lease for less than one year.
   3. C. An easement granting access to a neighboring property.
   4. D. A verbal agreement to maintain the landscaping.
7. What legal concept might allow a verbal agreement for the sale of land to be enforced, even without a written contract, if one party relied on the agreement to their detriment?
   1. A. Caveat emptor.
   2. B. Promissory estoppel.
   3. C. Res Ipsa Loquitur.
   4. D. Accord and satisfaction.