A real estate contract signed under duress is considered:
Correct Answer
B) Voidable at the option of the party who signed under duress
A contract signed under duress is voidable, not void. The party who was coerced may choose to affirm or rescind the contract. Unlike an illegal contract (which is void and unenforceable by either party from inception), a contract entered into under duress has legal effect until the aggrieved party elects to void it. There is no automatic 30-day ratification period under Mississippi law.
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Related Topics & Key Terms
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Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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