An executed oral agreement for the transfer of _____ real estate ownership will be enforced under the doctrines of estoppel.

Study for the Legal Aspects of Real Estate Exam. Master essential legal concepts with multiple-choice questions and in-depth explanations. Get prepared and feel confident!

An executed oral agreement for the transfer of real estate ownership can be enforced under the doctrines of estoppel when it pertains to specific performance. This legal concept allows a party to enforce an agreement even if it is not formally documented, provided that they have relied on the agreement to their detriment. In the context of real estate, if one party has taken actions based on the belief that the oral agreement is binding, such as making improvements to the property or taking possession, the court may uphold the agreement to prevent unfairness or unjust enrichment.

Specific performance is a remedy in contract law that compels a party to fulfill their contractual obligations rather than simply providing monetary damages. In real estate transactions, because the property is unique, specific performance is often sought to ensure that a party receives the actual property they agreed to buy or sell.

Other options like conditional, non-transferable, and vacant land refer to different concepts that do not directly relate to the enforceability of an oral agreement under estoppel. For example, conditional agreements involve certain conditions that must be met for the agreement to be enforceable, non-transferable indicates restrictions on ownership, and while vacant land can be involved in real estate transactions, it does not influence the enforcement of oral agreements under estoppel specifically

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy