Contracts
An Oklahoma contract for the purchase of real estate signed by a minor is:
AVoid and has no legal effect
BVoidable at the option of the minor, who may disaffirm the contract upon reaching majority; the other party cannot void it based on the minor's age✓ Correct
CFully enforceable against the minor
DOnly valid if a parent co-signs
Explanation
Contracts signed by minors in Oklahoma are voidable — the minor has the right to disaffirm upon reaching the age of majority (18). The adult party is bound but the minor is not.
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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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