Which of the following is true about the Arizona purchase contract?

In Arizona, the validity of a purchase contract is significantly influenced by the presence of signatures. If a purchase contract is missing required signatures, it can lead to the contract being either void or voidable. This means that the contract may not be legally enforceable due to the lack of necessary consent from one or more parties involved. In legal terms, a contract that is void is treated as if it never existed, while a voidable contract is one that can be confirmed or rejected at the discretion of the party that was not able to provide their signature. Thus, having all necessary signatures is crucial in ensuring the enforceability of a purchase contract.

The other statements do not accurately reflect the specifics of Arizona law regarding purchase contracts. For instance, while it is true that licensees can assist in the process, they cannot sign legally binding documents on behalf of their clients unless explicitly authorized. Additionally, Arizona employs various standard purchase agreements rather than just one. Furthermore, while it is advisable for purchase contracts to be in writing to ensure clarity and enforceability, oral agreements can exist but may lead to complications, especially in real estate transactions where written agreements are preferred for legal certainty.