New Jersey Real Estate Practice Exam Practice Question
An adult and a minor have entered into a written contract for the sale of a property the minor has inherited. This agreement is
Correct Answer: D
Rationale: In this scenario, the agreement is a voidable contract because minors typically have the right to disaffirm contracts they enter into, protecting them from exploitation. Although the contract is valid upon signing, the minor can choose to void it before reaching the age of majority or shortly after.
Option A, a void contract, is incorrect as the agreement is not invalid from the outset. Option B, a binding contract, misrepresents the minor's ability to disaffirm. Option C, an illegal contract, is not applicable here, as the sale of inherited property is legal. Thus, the contract remains enforceable until the minor chooses to void it.
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