Contracts
If a West Virginia real estate contract is signed by someone without mental capacity (due to a court-declared incompetency), the contract is:
AVoidable at the incompetent person's option
BValid if both parties signed it
CVoid and without legal effect✓ Correct
DValid only if ratified by a guardian
Explanation
Contracts entered into by persons who have been declared legally incompetent by a court are void (not merely voidable). Their guardian or legal representative must handle transactions on their behalf.
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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.
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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