LAW 506-002 – Contracts II
Restatement Second of Contracts § 125
Contract to Transfer, Buy, or Pay for an Interest in Land
- A promise to transfer to any person any interest in land is within the Statute of Frauds.
- A promise to buy any interest in land is within the Statute of Frauds, irrespective of the person to whom the transfer is to be made.
- When a transfer of an interest in land has been made, a promise to pay the price, if originally within the Statute of Frauds, ceases to be within it unless the promised price is itself in whole or in part an interest in land.
- Statutes in most states except from the land contract and one-year provisions of the Statute of Frauds short-term leases and contracts to lease, usually for a term not longer than one year.