Under Maine contract law, a contract entered into by a minor is considered:
Correct Answer
B) Voidable at the election of the minor
In Maine, as in all U.S. states, contracts entered into by minors (persons under age 18) are voidable at the minor's election. The minor may disaffirm the contract and seek to be restored to their original position, but the other party cannot void the contract solely on the basis that the other party is a minor. This rule exists to protect minors from being bound by agreements they may not fully understand.
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Related Topics & Key Terms
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Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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