86. An adult and a minor have entered into a written contract for the sale of a property the minor has inherited. This agreement is
Answer: D
This agreement is a voidable contract.
In this scenario, the contract for the sale of property involving a minor is classified as a voidable contract. This means that the minor has the legal right to affirm or reject the contract upon reaching the age of majority or within a reasonable time thereafter.
A) a void contract.
A void contract is one that is not legally enforceable from the moment it is created. In this case, the contract is not void because it can be enforced until the minor chooses to void it; thus, it does not meet the criteria for being void.
B) a binding contract.
A binding contract implies that both parties are legally obligated to fulfill their commitments. However, since one party is a minor, the contract is not binding on the minor, and therefore, it cannot be classified as a binding contract.
C) an illegal contract.
An illegal contract involves agreements that violate laws or public policy. The contract in question is not illegal in nature; it simply involves a minor, which affects its enforceability rather than its legality.
D) a voidable contract.
This is the correct classification of the agreement. A voidable contract allows the minor to choose to either affirm or void the contract, which is a legal right granted to minors under contract law.
Conclusion
The correct answer is D because the contract is voidable, allowing the minor the option to affirm or reject it. Options A, B, and C fail to account for the legal protections afforded to minors, which is central to understanding the nature of this contract. Thus, the voidable status accurately reflects the rights of the minor in this situation.