Illinois Real Estate Exam Practice Question
A 15-year-old inherited some property from a grandparent. The 15-year-old put the property on the market and accepted an offer. Could the 15-year-old legally reverse the agreement to sell?
Correct Answer: B
Rationale: A minor can enter into contracts, but these contracts are typically voidable at the minor's discretion. Option A incorrectly states that the contract is void, which would mean it has no legal effect; however, minors can still engage in contracts. Option C refers to the contract as unenforceable, which is misleading since the minor can choose to affirm or void it. Option D asserts that the contract is valid and cannot be rescinded, ignoring the legal protection minors have to void agreements. Thus, the contract is indeed voidable, allowing the minor to reverse the agreement.
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