16)

Larry is 30 years old and resides in Provo, Utah in a 4500 square foot home with a 3-car garage. Larry has decided to pursue schooling in California and desperately wants to sell his house.

Larry's best friend Nathan (age 25 years old) also lives in Provo, Utah and works in Provo, Utah. Nathan is living in an apartment and is actually wanting to purchase a home in Provo, Utah.

Larry and Nathan go out to dinner on May 5, 2021 and discuss Larry moving to California to pursue his schooling.

While eating dinner, Larry offers to sell his home to Nathan for $250,000.00.

Nathan is surprised that Larry is offering to sell his home for $250,000.00 because the market value of Larry's home is around $400,000.00.

Nathan asks Larry, Are you sure you want to sell your home to me for $250,000.00?

Larry responds and says, Yes, I am wanting to leave Provo and move to California. I am selling my home to you for a lower price because you are my friend and I want to hurry and move.

Nathan then agrees to purchase Larry's home for $250,000.00. They make an oral agreement for Nathan to purchase Larry's home for $250,000.00.

WHICH OF THE FOLLOWING IS ENTIRELY TRUE:

A)Larry and Nathan's oral agreement is NOT a VALID contract because it is required to be in writing because it is for the sale of real estate.

B)Larry and Nathan's oral agreement is a VALID contract between Larry and Nathan but might be unenforceable by the Court, if there was a dispute about the contract between Larry and Nathan.

C)Larry and Nathan entered into an oral contract for real estate and it is not a valid oral contract because the oral agreement would need to be in more detail, including the address of the home, when the payment for the home would be due and other important information. Thus, Larry and Nathan's oral agreement is NOT a valid contract.

D)A & C

E)None of the above