Contracts
In South Carolina, a real estate contract that is 'voidable' means:
AThe contract is automatically unenforceable
BOne party has the option to affirm or disaffirm the contract✓ Correct
CBoth parties can cancel the contract without consequence
DThe contract lacks consideration
Explanation
A voidable contract is valid and enforceable but can be cancelled by one party (e.g.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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