Asked by Daniel Alvarez on May 21, 2024
Verified
Mortgages and leases need not be in writing in order to be enforceable.
Mortgages
Loans secured by real property, typically real estate, that borrowers use to purchase property or borrow against the value of property they already own.
Leases
Legal agreements that grant the right to use or occupy property for a specified period of time in exchange for rent.
- Pinpoint the conditions necessary for contracts to hold validity in accordance with the Statute of Frauds.
Verified Answer
RC
Rebekah CarverMay 23, 2024
Final Answer :
False
Explanation :
In addition to contracts for the sale of land,contracts transferring other interests in land are also within the statute of frauds.Mortgages and leases are within the statute of frauds because they are considered transfers of an interest in land.
Learning Objectives
- Pinpoint the conditions necessary for contracts to hold validity in accordance with the Statute of Frauds.
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