Under New York Real Property Law, all of the following would make a real estate purchase contract voidable EXCEPT:
Correct Answer
D) The contract price was significantly below market value
A contract price below market value (inadequate consideration) alone does not make a contract voidable under New York law. Courts generally do not inquire into the adequacy of consideration as long as some consideration exists and there is no fraud, duress, or other invalidating factor.
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Previous Question
Karen enters into a contract to purchase a cooperative apartment in Manhattan. The contract is contingent upon board approval. The co-op board rejects Karen's application without stating reasons. Under New York law, what is the effect on the contract?
Next Question
Daniel agrees to purchase Ellen's house in Queens for $475,000. The contract includes an inspection contingency allowing Daniel to terminate within 10 days if he's not satisfied with the property condition. Daniel's inspector finds minor cosmetic issues but no structural problems. Daniel attempts to cancel based on the cosmetic issues. Under New York law, can Daniel terminate the contract?