48. 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
Answer: C
The contracts are voidable.
The listing and sale contracts are voidable because the heir, who is not yet of legal age, lacks the capacity to enter into a binding contract. Consequently, these contracts can be rescinded by the heir upon reaching legal age.
A) fulfilled.
The contracts cannot be considered fulfilled because fulfillment implies that all obligations under the contracts have been completed. Since the heir is not of legal age, the contracts are not valid and cannot be fulfilled.
B) executed.
Executed contracts are those where all parties have completed their obligations. In this case, since the heir is not of legal age, the contracts cannot be executed as they lack legal binding status.
C) voidable.
This is the correct answer as the contracts are voidable due to the heir's status as a minor. The law allows the heir to rescind the contracts upon reaching legal age, making them voidable rather than void or fully executed.
D) executory.
While the contracts may have terms that are yet to be performed, they are not categorized as executory due to the lack of legal capacity from the heir. An executory contract requires the parties to have the legal ability to fulfill their obligations, which is not the case here.
Conclusion
The contracts are voidable because the heir, being underage, does not have the legal capacity to enter into them. This means that once the heir reaches legal age, they can choose to affirm or rescind the contracts. All other options fail because they do not accurately represent the legal status of the contracts given the heir's minority.