Contracts
An Indiana purchase agreement signed under duress (e.g., the buyer was threatened) is:
AFully enforceable because both parties signed
BVoidable at the option of the party who signed under duress✓ Correct
CVoid from inception
DEnforceable only if a court approves
Explanation
A contract signed under duress — actual or threatened force, violence, or illegal acts — is voidable at the option of the party who was coerced. That party may elect to avoid the contract.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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