A minor signed a written sales contract to purchase a parcel of property from an adult seller. After the contract was signed, the seller learned the buyer was a minor and declared the contract void. Is the seller's action permissible?
A. Yes; the buyer is not competent and the seller can declare the contract void.
B. Yes; the buyer violated the Statute of Frauds by not disclosing his age.
C. No; in this situation only the buyer could void the contract.
D. No; both buyer and seller would have to agree to void the contract.
Answer: C. No; in this situation only the buyer could void the contract.
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Fill in the blank(s) with the appropriate word(s).
Which is a possible penalty for mortgage fraud?
A. Up to $1 million fine and or imprisonment for up to 30 years. B. Highway trash pick up. C. Loss of property obtained by fraud. D. A fine equal to the amount of the fraudulent profit realized.