TTTBE Question #1: Early Answer for Patrons (Patreon)

I love the fact that people submitted all four answers to us.

The correct answer was (C).  Thomas is now 1-for-1 (100%) and ready to earn his law degree from Bovine University.

A contract typically requires three things:  offer (which was made by the seller), consideration (something of value on both sides, which we obviously have here), and acceptance of all terms.  This question was testing whether you need to affirmatively sign a contract, or whether you can signal that acceptance through other means, and the answer is the latter.  By tendering the money, the buyer accepted all terms and the contract becomes valid.

Lots of people (lawyers?) asked about the statute of frauds, which varies state by state.  Some states do indeed require that a contract for the sale of land be in writing.  I don't know if that's a majority of jurisdictions (which is what the multistate tests), but even if it is, the statute of frauds is satisfied here because the party against whom the contract is to be enforced -- the seller -- did, in fact, sign the contract.

Listen for more explanation and to hear the winning entry on Episode 27!