A 17-year-old inherits a property in Florida and wants to sell it. The minor enters into a sales contract with a buyer. Under Florida law, what is the status of this contract?
Correct Answer
C) Voidable at the option of the minor
Correct: C - In Florida, contracts entered into by minors are voidable at the minor's option. The minor can choose to disaffirm the contract or ratify it upon reaching the age of majority (18). Why not A: Real estate contracts are not exempt from capacity requirements. Why not B: The contract is voidable, not void, and can be ratified when the minor reaches 18. Why not D: Parental co-signature doesn't validate a minor's contract for real property sale.
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Previous Question
A Florida licensee prepares a sales contract for a residential property. The buyer signs the contract and includes an earnest money deposit check. The seller reviews the contract, crosses out the closing date, writes in a new date 30 days later, initials the change, and signs the contract. What is the legal status of this transaction?
Next Question
Under Florida Statute 475, which element is essential for a valid real estate sales contract?