Michael and Lisa enter into a contract for the sale of Michael's house in Albany for $350,000. The contract includes all essential elements but Lisa is only 17 years old. Under New York law, what is the legal status of this contract?
Correct Answer
D) The contract is voidable at Lisa's option until she reaches majority or shortly thereafter
Under New York law, contracts entered into by minors (under 18) are voidable at the minor's election. Lisa can choose to void the contract before reaching majority or within a reasonable time after turning 18, but Michael cannot void it based on Lisa's minority status.
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Sarah, a licensed real estate salesperson in New York, is helping her client prepare a purchase offer for a residential property. Under New York law, which element is absolutely essential for a valid real estate purchase contract?
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