Questions: Question 20 A 16 yr old enters into a contract to purchase an investment property from an couple in their 40 s . What is the status of the contract? A. Contract is voidable at the seller's option B. Contract is enforceable as long as all the essential elements are present C. Contract is void because the older couple entered into it with a minor D. The contract is voidable at the buyer's option

The answer is D. The contract is voidable at the buyer's option.

This option is incorrect because the law generally protects minors in contractual agreements, allowing them to void contracts to prevent exploitation. The seller, being an adult, does not have the option to void the contract simply because the other party is a minor.

While contracts generally require essential elements such as offer, acceptance, consideration, and mutual consent, the involvement of a minor typically makes the contract voidable at the minor's discretion. Therefore, this option is incorrect.

This option is incorrect because the contract is not automatically void. Instead, it is voidable at the minor's option. The law allows minors to affirm or void contracts upon reaching the age of majority.

This is the correct option. In most jurisdictions, contracts entered into by minors are voidable at the minor's discretion. This means the minor can choose to affirm or void the contract upon reaching the age of majority or within a reasonable time thereafter. This legal principle is designed to protect minors from entering into agreements that they may not fully understand or that may not be in their best interest.