Contracts
A Nebraska real estate purchase agreement becomes void (not merely voidable) if:
AThe buyer is 17 years old
BThe contract's purpose is illegal, such as a purchase to operate a business prohibited by law✓ Correct
COne party misrepresents their income
DThe purchase price is below market value
Explanation
A contract for an illegal purpose is void from the outset — neither party can enforce it. This differs from a contract with a minor (voidable at the minor's option) or one with misrepresentation (voidable by the deceived party).
Related Nebraska Contracts Questions
- A tenant who continues to occupy a property after the lease expires without landlord consent is known in Nebraska as a:
- A contingency clause in a purchase agreement allows:
- Which of the following is NOT an essential element of a valid real estate contract in Nebraska?
- Which element is NOT required for a valid real estate contract in Nebraska?
- When a purchase agreement is signed but awaiting closing, it is considered:
- A Nebraska purchase agreement is executed and earnest money is deposited. Before closing, the buyer decides they don't want to proceed. If there is no valid contingency, the seller's remedy for specific performance means the seller can:
- A contract for deed (land contract) in Nebraska that provides for less than 5 years of payments may have different forfeiture rights than longer contracts because:
- An option contract in real estate gives the buyer:
Practice More Nebraska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nebraska Quiz →