Contracts
In Maine, a real estate sales contract that is signed under duress is:
AVoid
BVoidable by the party who was under duress✓ Correct
CFully enforceable
DValid only after a 30-day cooling-off period
Explanation
A contract obtained through duress (threats or coercion) is voidable at the option of the wronged party. The wronged party may elect to enforce or void 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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