Contracts
The legal term for a contract that appears valid but can be voided by one party is:
AVoid contract
BVoidable contract✓ Correct
CExecutory contract
DUnilateral contract
Explanation
A voidable contract appears valid but can be rescinded by one party due to a legal deficiency such as minority, duress, fraud, or misrepresentation. The innocent party has the right to affirm or void.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
EasementA non-possessory right to use another person's land for a specific purpose.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Math Concepts
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