Contracts
Under New York law, a contract for the sale of real property signed by a person who was legally incompetent (adjudicated) at the time of signing is:
AVoidable at the option of the competent party
BVoid and has no legal effect✓ Correct
CValid if a guardian later ratifies it
DEnforceable only if the purchase price was fair
Explanation
A contract entered into by a person who has been adjudicated legally incompetent is void, not merely voidable. Because such a person lacks legal capacity, the contract has no legal effect whatsoever. (Contracts by persons who are incompetent but not adjudicated are generally voidable.)
Related New York Contracts Questions
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