Contracts
In West Virginia, which of the following would render a real estate contract void?
AA minor typographical error in the property address
BA contract entered into by a party under duress
CA contract where one party is a minor with no capacity✓ Correct
DA contract with an unreasonably low purchase price
Explanation
A contract entered into by a minor (someone lacking legal capacity) is void or voidable depending on the circumstances. A contract entered under duress is voidable (not void), and minor errors or low prices do not void a contract.
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Key Terms to Know
Earnest Money
A 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.
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.
State-Specific Concepts
DRE Regulation
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