Key Point to Remember

The law does not require the exchange to be equal or fair. As long as both parties willingly agree, the contract is enforceable—even if one side receives more value than the other.Statute of Frauds "Get It In Writing!"Imagine a buyer and seller shake hands at a bar and say, "I'll buy your house for $900k." Is that a valid contract?Technically: Yes, it's a valid agreement.Legally: It is unenforceable.The Statute of Frauds requires that contracts conveying an interest in real property must be in writing and signed to be enforceable in a court of law.Why? To prevent fraud and perjury (lying under oath). It stops people from claiming, "He promised to sell me the farm!" when no such promise existed.The Exception: Leases for one year or less do not have to be in writing to be enforceable. (But please, put them in writing anyway). Under Florida’s statute of frauds, the following contracts must be written and signed:Purchase and sale contractsOption contractsDeeds and mortgage documentsLease agreements longer than one yearListing agreements longer than one yearBuyer representation agreements longer than one year