Contracts
Under Oregon law, a minor (under 18) who signs a real estate purchase contract:
AIs bound by the contract just like an adult
BMay disaffirm (rescind) the contract at any time before reaching majority, or within a reasonable time after✓ Correct
CCannot enter into any real estate contracts
DRequires a parent's co-signature, which makes the contract fully binding
Explanation
A minor lacks full legal capacity to contract. Real estate contracts signed by minors are voidable at the minor's option — the minor may disaffirm the contract any time before reaching age 18 or within a reasonable time after reaching majority.
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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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