King sent Foster, a real estate developer, a signed offer to sell a specified parcel of land to Foster for $200,000. King, an engineer, had inherited the land. Foster telephoned King the same day that he received his letter and accepted the offer. Which of the following statements concerning the contract is correct under the Statute of Frauds?

Question

Quizplus · Accepted Answer

Under the Statute of Frauds, contracts for the sale of land are required to be in writing and signed by the party sought to be charged, but there is an exception known as the part performance doctrine. If one party has partially performed under the contract, such as making a payment or accepting the offer, then the contract is enforceable against that party, even if the other party has not signed the contract. Therefore, in this case, a contract was formed when Foster accepted King's offer over the phone, and it would be enforceable against King.

King Sent Foster, a Real Estate Developer, a Signed Offer