Contracts
A real estate contract in Illinois that is 'voidable' means:
AThe contract is void and has no legal effect from the beginning
BThe contract is valid but can be rescinded by one of the parties under certain circumstances✓ Correct
CThe contract requires court approval to be enforceable
DThe contract will automatically expire if not acted upon within 30 days
Explanation
A voidable contract is valid and enforceable until one party with the power to avoid it chooses to rescind. Common examples in real estate include contracts with minors (the minor can void the contract), contracts obtained through fraud or misrepresentation (the defrauded party can void it), and contracts signed under duress. A void contract, by contrast, has no legal effect from the outset (e.g., contracts for an illegal purpose).
Related Illinois Contracts Questions
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- Which of the following is NOT a required element for a valid real estate contract in Illinois?
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