Illinois Real Estate Exam Practice Question
a buyer contracted to purchase a vacant lot for $350,000 cash with no contingencies. the buyer intended to build a professional office complex on the property. However, the buyer did not advise the seller of the intent. Prior to closing, the buyer learned that local zoning will not allow an office complex. The buyer's contract may be considered
Correct Answer: D
Rationale: In this scenario, the contract remains enforceable despite the buyer's discovery of zoning restrictions. The buyer entered into a binding agreement to purchase the property without contingencies, indicating acceptance of the risk associated with the property's use.
Option A, voidable, implies the buyer can cancel the contract due to a defect, which is not applicable here, as no misrepresentation or coercion occurred.
Option B, breached, suggests that one party failed to fulfill their obligations, which is not the case since neither party has defaulted.
Option C, void, would mean the contract is null from the start, which is incorrect as the agreement is valid and legally binding.
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