New Jersey Real Estate Exam Practice Question
The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are
Correct Answer: C
Rationale: The listing and sale contracts are voidable because the heir, although close to legal age, is still a minor at the time of the contracts' formation. Contracts entered into by minors are generally voidable at the minor's discretion.
Option A, "fulfilled," is incorrect because the contracts have not been completed; they are still in progress.
Option B, "executed," is also wrong since executed implies that both parties have fully performed their obligations, which has not yet occurred.
Option D, "executory," suggests that the contracts are in the process of being completed, but due to the heir's minority status, they remain voidable rather than simply executory.
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