Question 67

The contract is voidable due to the buyer's age.

Since the student is only 17 years old, they are considered a minor in most jurisdictions, which gives them the right to void the contract they entered into for the purchase of the condominium.

A) void due to the statute of frauds

This option is incorrect because the statute of frauds requires certain contracts to be in writing to be enforceable, particularly those involving real estate transactions. However, this does not apply here since the contract is written and has met all necessary contingencies.

B) voidable due to the buyer's age

This option is correct. Contracts entered into by minors are generally voidable at the minor's discretion. In this case, the student, being 17, has the legal capacity to void the contract if they choose to do so.

C) enforceable because all contingencies have been met

This option is incorrect because while fulfilling contingencies may typically make a contract enforceable, it does not override the legal protections afforded to minors. The student's age allows them to void the contract regardless of the contingencies.

D) valid because the property is a condominium

This option is incorrect as the type of property does not affect the enforceability of the contract in relation to the buyer's age. The age of the buyer remains the crucial factor in determining whether the contract is voidable.

Conclusion

The correct answer is that the contract is voidable due to the buyer's age, as minors have the legal right to rescind contracts they enter into. All other options fail because they misinterpret the legal implications of the minor's status or the requirements for enforceability in real estate transactions. Thus, the student can legally back out of the contract without penalty.