Contracts
Under Hawaii law, a minor (under 18) who signs a real estate contract creates a contract that is:
AA. Void ab initio (void from the start)
BB. Voidable at the minor's option✓ Correct
CC. Fully enforceable against the minor
DD. Valid only if a parent cosigns
Explanation
Contracts signed by minors are voidable at the minor's option. The minor can disaffirm the contract, but the other party (adult) cannot void it on grounds of the other party's minority.
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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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