Which statement correctly describes land contract prerequisites?

Which statement correctly describes land contract prerequisites?

• A. Written; Citing consideration and tract; Signed by grantor
• B. Oral agreement; No consideration; Signed by grantee
• C. Written; No consideration; Not signed
• D. Oral; Signed by grantor

Answer: (B)

Under the Statute of Frauds, a land contract must be enforceable, so it has to be in writing and signed by the party who would be bound by the deal. The writing must include essential terms—most importantly, a description of the land and the price or a clear method to determine it. The signature should be by the party who would be charged with performance, typically the seller (the grantor), to bind them to convey the property. Notably, while the contract should spell out price and land description, the requirement for explicit consideration isn’t the main hurdle; the key is that the agreement is written and signed by the party against whom enforcement would be sought. An oral agreement cannot satisfy the writing requirement, and a contract not signed by the required party would not be enforceable.

Under the Statute of Frauds, a land contract must be enforceable, so it has to be in writing and signed by the party who would be bound by the deal. The writing must include essential terms—most importantly, a description of the land and the price or a clear method to determine it. The signature should be by the party who would be charged with performance, typically the seller (the grantor), to bind them to convey the property. Notably, while the contract should spell out price and land description, the requirement for explicit consideration isn’t the main hurdle; the key is that the agreement is written and signed by the party against whom enforcement would be sought. An oral agreement cannot satisfy the writing requirement, and a contract not signed by the required party would not be enforceable.