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

Rationale

The listing and sale contracts are voidable.

The heir, still not of legal age, has the right to void the contracts due to their status as a minor. Until the heir reaches the age of majority, any contracts they enter into can be voided at their discretion, making the contracts in this scenario voidable.

A (fulfilled) YOUR ANSWER

Fulfilled contracts are those that have been completely performed by all parties involved. In this case, since the heir has not reached legal age and retains the right to void the contracts, they cannot be considered fulfilled as the obligations may not be binding.

B (executed) YOUR ANSWER

Executed contracts refer to agreements that have been completed by all parties. While the sale may be pending, the contracts are not executed because the heir is legally unable to be bound by the sale until they reach the age of majority, leaving the contracts potentially voidable.

C (voidable) CORRECT

Contracts involving a minor are generally voidable at the minor's discretion. Since the heir is not yet of legal age, they have the legal right to void the contracts they entered into, making this situation a classic example of voidable contracts.

D (executory) YOUR ANSWER

Executory contracts are those in which some performance remains to be completed. While the sale contract is indeed executory until closing, the critical factor here is that the heir's legal status as a minor makes the contracts voidable, overshadowing the executory nature of the agreement.

Conclusion

In this scenario, the contracts listed by the heir are voidable due to their status as a minor. This legal principle protects individuals who are not of legal age from being bound by agreements they may not fully understand. Therefore, until the heir reaches the age of majority, they can choose to void the contracts, emphasizing the importance of legal capacity in contract law.

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

The listing and sale contracts are voidable.

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