Contracts
In Michigan, a contract to purchase real estate signed under duress is:
AFully enforceable because it was signed
BVoidable by the party who signed under duress✓ Correct
CVoid because duress is involved
DEnforceable only if witnessed by a notary
Explanation
A contract signed under duress (unlawful pressure that overcomes a party's free will) is voidable at the election of the party who was under duress. They may affirm or disaffirm the contract upon removal of the duress.
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Key Terms to Know
Earnest Money
A 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.
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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