Contracts
A Missouri real estate contract is signed under duress. The contract is:
AVoid
BVoidable by the party who was under duress✓ Correct
CEnforceable since it was signed
DAutomatically valid if notarized
Explanation
A contract signed under duress (unlawful pressure) is voidable, not void. The affected party has the right to disaffirm it, but may also choose to ratify and enforce it.
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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.
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.
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.
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