Virginia State Real Estate Exam Practice Question
A minor has entered into a written contract for the sale of inherited property. This agreement is:
Correct Answer: D
Rationale: In this scenario, the agreement is a voidable contract. Minors have the legal right to affirm or void contracts they enter into, protecting them from exploitation. This means they can choose to enforce the contract or cancel it.
Option A, a void contract, is incorrect because the contract is valid until the minor decides to void it. Option B, a binding contract, is misleading; while it may be binding if affirmed, it is not inherently binding due to the minor's status. Option C, an illegal contract, is also incorrect; the contract itself is not illegal, but rather the minor's capacity to enter into it is limited.
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