Contracts
Under Montana law, a real estate contract entered into by a minor (under 18) is:
AVoid and unenforceable by either party
BVoidable at the option of the minor✓ Correct
CFully enforceable as long as both parties sign
DEnforceable only if parents co-sign
Explanation
Contracts entered into by minors in Montana are voidable at the option of the minor. The minor may disaffirm the contract, but the other party cannot void the contract based on the minor's age.
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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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