Contracts
Under Wyoming law, a contract that requires the performance of an illegal act is:
AVoidable by either party
BVoid and unenforceable from the start✓ Correct
CEnforceable if both parties consented
DEnforceable only by the injured party
Explanation
A contract with an illegal purpose or that requires an illegal act is void ab initio (from the beginning) and has no legal effect. Courts will not enforce illegal contracts.
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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.
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