Contracts
Under Alaska law, a minor who signs a real estate purchase contract may:
ANot disaffirm the contract under any circumstances
BDisaffirm the contract upon reaching the age of majority✓ Correct
CBe held fully liable since real estate is a necessity
DEnforce the contract against the adult party but not be bound by it
Explanation
Contracts entered into by minors (under 18 in Alaska) are voidable by the minor. The minor may disaffirm the contract within a reasonable time after reaching majority.
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Key Terms to Know
Option Contract
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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