What happens if an agreement to sell real estate is not in writing?

In most jurisdictions, including New Jersey, an agreement to sell real estate must adhere to the Statute of Frauds, which requires that certain contracts, including those for the sale of real property, be in writing to be enforceable. If an agreement to sell real estate is not in writing, it becomes voidable by either party. This means that either party has the right to cancel the agreement without penalty, as the lack of a written contract undermines the formal requirements for legally binding agreements in real estate transactions.

This situation preserves the rights of individuals involved, allowing them to withdraw from a non-compliant agreement rather than being forced into an unenforceable situation. The other choices suggest various misunderstandings about how contracts operate in real estate law in New Jersey, particularly in regard to enforceability and the implications of verbal agreements.