Contracts
In Massachusetts, a real estate contract that is 'unconscionable' may be:
AStrictly enforced by courts
BVoided or modified by a court because it is shockingly unfair or oppressive✓ Correct
CAppealed only to the Board of Registration
DAutomatically voided 30 days after signing
Explanation
An unconscionable contract—one that is grossly unfair, oppressive, or unreasonably one-sided—may be voided or its terms modified by a court under contract law principles, especially when one party had overwhelming bargaining power.
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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.
Math Concepts
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