In Florida, all of the following would make a real estate contract void or voidable EXCEPT:
Correct Answer
B) The contract was signed on a Sunday
Correct: B - In Florida, contracts signed on Sunday are valid and enforceable. There's no prohibition against Sunday contracts. Why not A: Intoxication can make contracts voidable if it prevented understanding. Why not C: Contracts with minors are voidable at the minor's option. Why not D: Contracts for illegal purposes are void as against public policy.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
More Real Estate Contracts Questions
All of the following are required elements of a valid Florida real estate purchase contract EXCEPT:
A seller accepts a buyer's offer on their Florida home but dies before closing. The seller's estate representative wants to cancel the contract. What is the legal status?
The FAR/BAR residential contract requires earnest money held by:
A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
A buyer and seller in Florida agree to extend the closing date by 10 days. The original contract had a 'time is of the essence' clause. What must they do to make this extension valid?
- → A Florida real estate licensee prepares a purchase agreement that includes a financing contingency. The buyer fails to apply for financing within the specified timeframe. What is the legal consequence under Florida contract law?
- → Under Florida law, all of the following would typically survive the closing of a real estate purchase agreement EXCEPT:
- → Broker Sarah receives a $5,000 earnest money deposit from buyer Johnson for a property purchase. The contract states the deposit should be held in escrow. According to Florida law, what must Sarah do with this deposit?
- → A buyer in Fort Lauderdale breaches a residential purchase contract by refusing to close without legal justification. The contract contains a liquidated damages clause equal to the earnest money deposit of $5,000. What is the seller's most likely remedy?
- → A seller in Florida fails to deliver clear title by the closing date due to an unexpected lien. The buyer wants to proceed but needs more time. What is the most appropriate course of action?
- → Under Florida law, a real estate purchase contract may be rescinded for all of the following reasons EXCEPT:
- → Under Florida real estate law, all of the following are acceptable remedies for contract breach EXCEPT:
- → In Gainesville, a buyer discovers that the seller's agent failed to disclose a material fact about flooding history. The buyer wants to cancel the contract before closing. Under Florida law, what is the buyer's strongest legal basis?
- → 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?
- → Audit memo Harbor Case highlights this Florida rule. In a Tallahassee transaction, a closing coordinator wants the Florida rule on offer. Which statement is correct?
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Previous Question
Sarah, who has been declared mentally incompetent by a Florida court and has a court-appointed guardian, signs a contract to sell her house without the guardian's knowledge. What is the status of this contract under Florida law?
Next Question
A buyer submits an offer on a Florida property with an expiration time of 5:00 PM Friday. At 4:45 PM Friday, the seller's agent calls to say the seller accepts. At 4:55 PM, before receiving the signed acceptance, the buyer calls to revoke the offer. The signed acceptance arrives at 5:10 PM. Is there a binding contract?