Contracts
Under West Virginia law, a real estate contract signed by a 17-year-old is:
AVoid and cannot be ratified
BVoidable at the option of the minor✓ Correct
CFully enforceable against the minor
DFully enforceable against the adult party only
Explanation
Contracts entered into by minors (persons under 18) are voidable at the minor's option. The minor may disaffirm the contract upon reaching adulthood, but the adult party is bound until the minor elects to void it.
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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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