Contracts
A Pennsylvania real estate contract signed under duress is:
AFully enforceable if both parties signed
BVoidable at the option of the party who was coerced✓ Correct
CVoid from inception with no legal effect
DEnforceable unless contested within 30 days
Explanation
A contract signed under duress (threat, coercion, or undue pressure) is voidable at the option of the party who was subjected to the duress. The injured party may choose to ratify or void the contract.
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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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