Contracts
In Indiana, which of the following would make a real estate contract voidable?
AMutual agreement of both parties
BMisrepresentation by one party
CA minor's signature
DBoth misrepresentation and a minor's signature✓ Correct
Explanation
Both misrepresentation (fraudulent or innocent) and a contract signed by a minor can make a contract voidable. Misrepresentation gives the deceived party the right to rescind; minors can void contracts upon reaching majority.
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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.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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