Contracts
In West Virginia, a contract signed by a 17-year-old is:
AVoid — it has no legal effect
BVoidable — the minor may disaffirm it upon reaching the age of majority✓ Correct
CFully binding on all parties
DBinding only if a parent co-signs
Explanation
Contracts with minors (under 18 in West Virginia) are voidable at the minor's option. The minor may disaffirm the contract upon reaching the age of majority, but the adult party is bound.
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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.
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.
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