Contracts
An Alaska buyer who is under duress when signing a purchase agreement may later:
ANot cancel the contract since they signed it
BVoid the contract because duress renders a contract voidable✓ Correct
COnly seek rescission in court, not outside of court
DOnly cancel if the property sells at a loss
Explanation
A contract signed under duress (wrongful pressure or threat that overcomes the free will of the contracting party) is voidable at the option of the party who was subject to duress. The affected party may disaffirm the contract within a reasonable time of the duress ending.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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