Simeon owns a piece of land called Blackacre. He has accepted Lola's offer to buy that property. The parties have created an agreement of purchase and sale. Which of the following statements is TRUE?
A) As long as it includes all of the relevant terms, the agreement of purchase and sale is enforceable even if it is oral.
B) Specific performance may be awarded with respect to Simeon's obligation to transfer title, but not Lola's obligation to pay the price.
C) Even if a contract for the sale of land is oral, it is entirely valid and effective as long as both parties are willing to perform.
D) Since the parties created an agreement of purchase and sale, Blackacre must be located in a land titles jurisdiction.
E) Since the parties created an agreement of purchase and sale, Blackacre must be located in a registry system jurisdiction.
Correct Answer:
Verified
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