A buyer bought a property without telling the seller or broker of his intended purpose for the property. The contract contained no contingency clauses and was properly signed and executed. The buyer is now unable to obtain the zoning he planned for the commercial project he needs for this property and he is unable to use the property. What is the status of the contract at this time?

Question

Ronan Werner

Business

27 December, 05:04

A buyer bought a property without telling the seller or broker of his intended purpose for the property. The contract contained no contingency clauses and was properly signed and executed. The buyer is now unable to obtain the zoning he planned for the commercial project he needs for this property and he is unable to use the property. What is the status of the contract at this time?

+4

Answers (1)

Know the Answer?

Erin Ali · Answer 1

The status of the contract is void and unenforceable

Explanation:

The contract status provides a visual indicator of where your contract is in the contract life cycle, and it designates when a contract is available for lookup and processing.

A void contract is missing an element. In this case, the contract contained no contingency clauses.

This contract does not have to be terminated in court. It simply does not have to be executed, and both parties can walk away.

In a voidable contract, one of the parties is legally bound to honor the contract. So, a voidable contract can be executed, even though there is an element missing, if the party not legally bound agrees to move forward.

The decision to enforce the contract is between the parties.