ContractsTypes_of_contractsMEDIUM
A seventeen-year-old signs a written purchase agreement to buy a condominium from an adult seller. The seller has full legal capacity. The buyer is below the age of majority in the relevant state. Under the agreement's terms, the seller is bound to convey the unit at the closing date. The minor, however, holds a unique election: he may continue with the transaction and close after turning eighteen, or he may walk away from the deal before then. Until the minor exercises his choice, the contract is treated as fully operative against the seller. How should this contract be classified given the minor's special election?
Correct Answer
B) Voidable contract
The contract is fully operative against the seller, but the minor — the party whom the law protects — holds a unilateral election to disaffirm. A contract enforceable on its face but subject to one party's election to set it aside is a voidable contract.
Answer Options
A
Void contractB
Voidable contractC
Bilateral contractD
Enforceable contractWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
minor's electionadult seller boundunilateral disaffirmanceoperative until rescindedprotected party
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