78. 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.
In this scenario, the contracts for the listing and sale of the property are considered voidable due to the heir's legal age not being reached at the time of the agreements. Since the heir will turn of legal age within 30 days, they have the right to affirm or void the contracts once they are of age.
A) fulfilled.
This option is incorrect because the contracts cannot be deemed fulfilled at this point. A fulfilled contract means all parties have completed their obligations, but since the heir is not yet of legal age, they cannot fully execute the contracts.
B) executed.
This option is also incorrect. A contract is executed when all terms have been completed by the parties involved. In this case, the heir cannot execute the contracts fully until they reach legal age, making this designation invalid.
C) voidable.
This is the correct choice because the contracts are voidable at the discretion of the heir. Since the heir is not yet of legal age when the contracts were made, they have the option to void the agreements until they reach the age of majority.
D) executory.
This option is incorrect as it refers to contracts that are still in the process of being performed. While the contracts are in the process of being executed, their voidable nature due to the heir's age status makes this classification misleading.
Conclusion
The correct answer is that the contracts are voidable, as the heir has not yet reached legal age and retains the right to affirm or void the contracts. All other options fail to accurately describe the nature of the contracts given the heir's current legal status, highlighting the importance of legal capacity in contract law.