Capacity of Parties refers to the legal competence of all parties involved in a contract to understand and engage in the agreement. Ensuring that all parties have the full legal capacity is crucial for the contract's enforceability.
Duress in real estate refers to a situation where an individual is compelled to enter into a contract or agreement due to a threat or coercion, making the contract voidable.
An individual who is not legally capable of completing a contract due to mental illness, being a minor, or other factors rendering them incapable. Contracts involving incompetent parties are voidable.
Legal age refers to the official standard of maturity upon which an individual is considered legally responsible for their actions. In the context of real estate, contracts involving minors are typically voidable.
In real estate, a minor is an individual who has not yet reached the age of majority, which varies by state but is typically between 18 and 21 years old. Contracts involving minors, such as those for the sale or use of real estate, are subject to special legal considerations.
