Idaho Real Estate Practice Exam

What does Idaho's Statute of Frauds dictate regarding written agreements?

1. It must be signed

2. It must be notarized

3. It must be executed within 12 months

4. It must be recorded

The correct answer is: It must be executed within 12 months

The Statute of Frauds is a legal concept that requires certain types of contracts or agreements to be in writing to be enforceable. In the context of real estate in Idaho, this statute generally applies to agreements that take longer than a year to perform. Therefore, the correct interpretation is that a written agreement related to real estate must be executed within 12 months to comply with this statute. The requirement for a written agreement protects parties in a transaction by ensuring there is a clear, documented understanding of the terms, which is crucial in real estate dealings due to their complexity and potential for significant value. The emphasis on the timeframe of 12 months directly relates to the type of agreements that fall under the Statute of Frauds, as oral agreements lasting longer than that period may not hold up in court without written evidence. The other aspects of contract management, such as signatures and notarization, are important in their own right but do not pertain specifically to the critical requirement set by the Statute of Frauds concerning the 12-month execution timeframe. Therefore, being aware of this timeframe is essential for anyone engaging in real estate transactions in Idaho.