You Verbally Agree to Buy a House for $250,000

question 162

Multiple Choice

You verbally agree to buy a house for $250,000. When the contract is prepared, the price is accidentally typed in as $25,000 rather than $250,000, but no one notices it until after you and the seller sign the document. At that point, you claim you only have to pay $25,000 and you claim that was the price you had agreed to originally. The court will say you are:

• A) correct; under the Statute of Frauds, written documents control, not oral statements
• B) correct; under the Statute of Frauds, written documents for real estate control the deal
• C) incorrect; the consideration ($25,000) is insufficient given the value of the house
• D) incorrect; $25,000 was obviously a mistake and the price goes to $250,000
• E) incorrect; you are guilty of perjury and will go to prison

---

Definitions:

Need

A psychological or physiological requirement for the well-being of an organism.

Body Fluids

Encompasses liquids within the human body that perform vital functions, including blood, lymph, and cerebrospinal fluid among others.

Yerkes-Dodson Law

The principle that performance increases with arousal only up to a point, beyond which performance decreases.

Physiological Arousal

The physical responses of the body to emotional stimuli, including changes in heart rate, respiration, and energy levels.