Unit 2: Elements of a Valid Contract in Minnesota Unit Exam0 of 0

Per the Minnesota statute of frauds, a contract for the sale of real estate is only enforceable if it's in writing and ______.

Signed by the person to be charged with the promise/agreement

A real estate contract written for an illegal purpose is ______.

Void

Jessica enters into a contract to acquire real property in return for some form of consideration. On the contract, Jessica is regarded as the ______.

Buyer

In what way does good consideration differ from valuable consideration?

Good consideration is a gift

Dwight tells his buyer Jamie that a nearby stream could possibly flood the basement, though it's never happened to him. After signing the contract, Jamie's home inspector shows proof that the basement flooded last year, when Dwight was still living in the home. What's true about this situation?

Dwight has committed fraud, which has invalidated Jamie's consent.

Carl and Sadie, who are neighbors, got into a disagreement about early-morning noise on the weekends. The two came to an agreement: Carl promised to not mow the lawn before 10 a.m., and Sadie promised to put bark collars on her dogs in the early morning hours. Their promises represent the ______ in their agreement.

Consideration

Which of the following elements is always required for a real estate contract to be valid?

Consideration

A house in Minnesota is located near a nursing home. In which of these transactions would the seller be required to disclose this information?

The seller isn't required to disclose that the property is located near a nursing home.