38. a buyer contracted to purchase a vacant lot for $350,000 cash with no contingencies. the buyer intended to build a professional office complex on the property. However, the buyer did not advise the seller of the intent. Prior to closing, the buyer learned that local zoning will not allow an office complex. The buyer's contract may be considered
Answer: D
The buyer's contract may be considered enforceable.
The contract for the vacant lot is enforceable because it was made with clear terms and no contingencies, meaning both parties are bound by the agreement despite the buyer’s subsequent discovery regarding zoning laws.
A) voidable.
A voidable contract is one that may be annulled by one party due to certain circumstances, such as misrepresentation or lack of capacity. In this case, the buyer entered into a valid contract without any contingencies, and the fact that the buyer did not disclose their intent does not provide grounds for voidability.
B) breached.
A breached contract occurs when one party fails to fulfill their obligations. In this scenario, the contract has not yet been executed, and there has been no failure to perform by either party at this point. Thus, the contract is not considered breached.
C) void.
A void contract is one that is not legally enforceable from the moment it is created. Since the contract for the vacant lot was validly created with no illegal terms, it cannot be classified as void.
D) enforceable.
The contract is enforceable as it was agreed upon without contingencies, making both parties legally obligated to fulfill the terms of the contract despite the buyer's later realization regarding zoning restrictions.
Conclusion
The enforceability of the contract indicates that it is legally binding, and neither party can back out without legal consequences. All other options fail because they either misinterpret the nature of the contract or assume conditions that were not present when the contract was formed.