Contracts
A Vermont real estate purchase contract is signed by a 16-year-old. The contract is:
AVoid because minors cannot enter any contracts
BVoidable at the option of the minor✓ Correct
CValid and fully binding on both parties
DVoid unless the minor's parents co-sign
Explanation
Contracts entered into by minors (persons under 18) are generally voidable at the minor's option, not void. The minor may disaffirm the contract 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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