Contracts
Which of the following would make a real estate contract voidable in South Dakota?
AMissing the notary seal
BOne party was a minor at signing✓ Correct
CThe purchase price was below market value
DThe contract was not entered in the MLS
Explanation
A contract signed by a minor is voidable at the minor's option, since minors generally lack legal capacity to contract. The minor may disaffirm the contract upon 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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