Final answer:
The true statement is that contracts for leasing real estate for over a year must usually be in writing due to the Statute of Frauds. Lease agreements should include clear clauses regarding termination and possession, and they should be written in plain language for easy understanding.
Step-by-step explanation:
The true statement regarding the oral agreement to enter into a residential lease from January 1st to December 31st of the following year is that such agreements fall under the realm of property law and contractual agreements for leasing residences. As per legal requirements, certain contracts, including those for renting real estate for longer than one year, must typically be in writing to be enforceable due to the Statute of Frauds. However, the specifics can vary based on the jurisdiction.
An important aspect of lease agreements is the termination clause, which usually provides information about how the lease can be ended, such as the requirement of a 30-day written notice by either party.
In terms of possession, if the owner cannot deliver possession on the start date due to circumstances such as damage or the previous tenant's failure to vacate, the agreement may be terminated by either party with written notice. If not terminated, rent is prorated from the actual date of possession.
It is also essential for the contract language to be clear and understandable to avoid confusion and potential disputes—a principle underscored by the Plain Writing Act of 2010. Thus, lease agreements should be written in plain language to be easily understood by the average person.