Contracts
A Vermont purchase and sale agreement is voidable by a minor party because:
AMinors cannot own real estate
BMinors lack legal contractual capacity and may disaffirm contracts✓ Correct
CMinors' parents must always co-sign
DVermont law prohibits minors from entering the MLS
Explanation
Minors (persons under 18) lack legal capacity to enter binding contracts and may disaffirm (void) a contract at their option. For this reason, real estate contracts with minors are voidable.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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.
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