In the context of Statute of Frauds, what does 'Part Performance' refer to?

'Part Performance' refers to actions taken by a party that demonstrate the existence of a contract, even though the contract has not been formally executed in writing. In real estate transactions, the Statute of Frauds requires certain contracts, such as those for the sale of land, to be in writing to be enforceable. However, if one party begins to perform their obligations under the contract—such as making improvements to the property or making a down payment—this can serve as evidence that a valid agreement exists. Such actions can sometimes create an exception to the writing requirement, allowing a court to enforce the agreement despite the lack of formal documentation.

The other options do not accurately capture the essence of 'Part Performance.' Completing all terms of a contract before writing it implies that no actions would be taken without a written agreement, which contradicts the concept of 'Part Performance'. Payment of the full purchase price or obtaining financing alone does not necessarily indicate that the terms of a contract are being performed—these could occur without a contract in place. Therefore, 'Part Performance' is best encapsulated by the idea that a party’s actions indicate the existence of a contract.