Most States' Statutes of Frauds Do Not Require Land Leases

question 21

Multiple Choice

Most states' statutes of frauds do not require land leases to be in writing unless they:

• A)involve more than two parties.
• B)are ancestral property.
• C)are going to be sold permanently.
• D)are for one year or more.

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Definitions:

Mortgage

A secured loan agreement where the borrower pledges real property to the lender as collateral for the loan, which becomes void upon payment in full.

Negotiability

The characteristic of an instrument (like a check or promissory note) that allows it to be transferred from one person to another in a manner that conveys the instrument's benefits to the transferee.

Issuance

The process of officially issuing something, such as a document like a permit or license, or securities like bonds or stocks.

Indorsements

Signatures or stamps placed on a negotiable instrument, such as a check or promissory note, that specify the terms of its transfer or conditions of use.