Why Must Real Estate Sales Contracts Be Evidenced in Writing

question 78

Multiple Choice

Why must real estate sales contracts be evidenced in writing and signed by the party to be charged in order to be enforceable?

• A)Contracts of such property are covered under the statute of frauds.
• B)Such property would otherwise not be entitled to mortgage.
• C)Such property would otherwise not be entitled to insurance.
• D)Such property would otherwise be liable to eminent domain.

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Definitions:

PivotTable

A data summarization tool found in data visualization programs like Excel that allows users to reorganize and summarize selected columns and rows of data in a spreadsheet.

PV Function

In financial analysis, a function used to calculate the Present Value of a series of future payments or receivables, discounted at a given interest rate.

Investment

The allocation of resources, usually money, in the expectation of generating an income or profit.

Defined Name

A feature in spreadsheet software that allows users to assign a meaningful name to a cell, range of cells, formula, or constant value.