Contracts
An Alaska purchase agreement is 'void' when it:
ALacks a specific closing date
BIs entered into by a minor or incompetent person, making it unenforceable from the start✓ Correct
CContains a contingency that has not yet been satisfied
DIs missing the buyer's signature on one page
Explanation
A void contract has no legal effect from the beginning because it lacks an essential element such as legal capacity. A contract with a minor or legally incompetent party is void or voidable, depending on state law.
Related Alaska Contracts Questions
- In an Alaska purchase agreement, a 'possession date' that differs from the closing date means:
- Which contract clause allows a buyer to exit the purchase agreement if they cannot obtain financing on specified terms?
- An Alaska buyer includes a financing contingency in the purchase agreement. The buyer is unable to obtain a loan. The buyer is entitled to:
- For a real estate purchase agreement to be enforceable in Alaska, it must contain all of the following EXCEPT:
- Which of the following is true about an 'assignment' of a real estate purchase contract?
- Under the Alaska Uniform Vendor and Purchaser Risk Act, if a property is substantially destroyed after the contract is signed but before closing, and neither party is at fault, who bears the loss?
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- What is the legal effect when a buyer and seller sign a purchase agreement?
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