Question

Linda and Zeke sign a contract for the sale of Zeke's home to Linda. Although the price has yet to be determined, the contract states the property clearly to be sold and date the house will be delivered to Linda. The contract:

a. constitutes a sufficient writing, because it describes the property with sufficient clarity.
b. constitutes a sufficient writing, because it states the date that house will be delivered to Linda.
c. does not constitute a sufficient writing, because the contract does not state the price at which the land will be sold.
d. does not constitute a sufficient writing, because it does not meet the writing requirements of the Uniform Commercial Code.

Answer 1

The contract does not meet the required legal standards for a binding real estate sale contract because it does not state the sale price, an essential element that cannot be omitted for such an agreement to be enforceable.

Step-by-step explanation:

The contract in question does not constitute a sufficient writing, because it lacks a fundamental element: the price at which the land will be sold. For a contract that involves the sale of real estate to be enforceable, it must satisfy the requirements of the Statute of Frauds which typically includes a description of the property, the identification of the parties, the payment terms, and most importantly, the agreed upon price. Without an agreed price, there isn't a clear understanding of the essential terms, which leaves part of the contract open to interpretation or future dispute.

Although it includes a description of the property and the delivery date, without specifying the price, the agreement is not considered complete. Additionally, the Uniform Commercial Code (UCC) generally does not apply to real estate transactions, as it's primarily focused on the sale of goods. Therefore, while the contract has elements that are clear, it still fails to meet all legal prerequisites of a binding real estate contract. Clarity in the terms of a contract, including price, is essential to establish the obligations of both parties and to avoid potential litigation.