Suppose you are buying my house and we agree to all necessary terms and shake hands on the deal. Nothing is signed. As planned you show up the next day with the exact cash, and I show up with a deed executed to you (which passes ownership to you). A few weeks later you experience buyer's remorse and decide you want your money back. Which statement best describes your legal situation?

1.) The Statute of Frauds requires that the contract must be in writing.

2.) Once the contract has been executed it does not matter that there was no writing contract in the absence the showing of fraud.

3.) Only the seller can get out of a verbal contract for sale of land.

4.) The sale of land turns into a lease