A buyer has executed a contract to purchase real property. If it is discovered that the buyer is only 16 years old, the contract is

A contract is void when it lacks any legal effect from the outset, such as agreements involving illegal activities. In this case, the contract is not void; it remains valid until the minor chooses to void it. Hence, it cannot be classified as void.

A binding contract is one that is legally enforceable against all parties involved. Since minors have the right to disaffirm contracts, the agreement cannot be categorized as binding on the minor. This choice misrepresents the legal status of contracts with minors.

While it is true that contracts with minors may be unenforceable by the other party, the critical aspect is that the minor can still choose to enforce the contract if they wish. Thus, this choice does not accurately reflect the nature of the contract, as it remains enforceable at the minor's discretion.