A real estate contract entered into by a minor is generally considered:
Correct Answer
B) Voidable at the option of the minor
Under Montana law, a contract entered into by a minor (a person under 18 years of age) is voidable, not void. This means the minor has the right to disaffirm or cancel the contract, while the adult party is bound by its terms. The minor may also choose to ratify the contract upon reaching the age of majority. This rule is based on the legal principle that minors lack full contractual capacity.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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