Contracts
A purchase contract in New Mexico is voidable when:
AOne party is a minor✓ Correct
BThe price is below market value
CThe property has a lien
DThe closing date is more than 90 days away
Explanation
A contract entered into by a minor (under 18) is voidable—the minor can choose to void it (or affirm it upon reaching majority). The other party, however, cannot void it simply because the other party is a minor.
Related New Mexico Contracts Questions
- Which of the following is an example of mutual assent in a real estate contract?
- Which of the following is an example of an executed contract?
- A novation in a New Mexico real estate context occurs when:
- Earnest money in a New Mexico purchase contract is best described as:
- Which of the following best describes an executory contract?
- In New Mexico, which of the following clauses in a listing agreement describes the conditions under which the listing terminates early?
- A New Mexico purchase contract includes a '10-day inspection contingency.' If the buyer finds a major defect, they may:
- In New Mexico, what is a 'release of contingency'?
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