Marcus, a 17-year-old Virginia resident, signs a purchase agreement to buy a condominium without any adult co-signer. Under Virginia law, which of the following best describes the status of this contract?
Correct Answer
A) The contract is voidable at Marcus's option because he has not reached the age of majority.
Under Virginia law, the age of majority is 18 (Va. Code § 1-204). A contract entered into by a minor is voidable, not void — meaning the minor (Marcus) may disaffirm the contract, but the contract is not automatically without legal effect. The right to void the contract belongs to the minor, not to the other party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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