Contracts
A real estate sales contract that is signed under duress is:
AVoid
BVoidable by the party who signed under duress✓ Correct
CValid and fully enforceable
DVoidable by either party
Explanation
A contract signed under duress (improper pressure or threats forcing a party to sign) is voidable at the option of the party who was subjected to the duress. That party can choose to affirm or rescind the contract.
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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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