Which of the following best describes a contract in real estate?

A contract in real estate is best described as a written document pledging to perform or not perform specific acts because this definition captures the essential elements that make a contract legally binding and enforceable. Real estate contracts require specificity and clarity to ensure that all parties understand their rights and obligations.

Written contracts provide a tangible record of the agreement and are necessary for enforceability under the Statute of Frauds, which mandates that certain contracts, including those concerning the sale of real estate, must be in writing. This written format prevents misunderstandings and disputes about the parties' intentions and the terms of the agreement.

In contrast, oral agreements and handshake agreements may be difficult to enforce due to the lack of a written record, and many states, including Wyoming, have specific stipulations requiring real estate contracts to be in writing to be enforceable. A court order regarding property transfer, while related to real estate, represents a legal directive rather than a contract between parties to perform specific actions. Thus, the option that states a written document pledging to perform or not perform specific acts is the most accurate representation of what constitutes a contract in real estate.