If John buys a home from a 17-year-old heir, what is the status of John's contract?

In this scenario, the status of John's contract is that it can be enforced under certain conditions, but it is important to consider the implications of the age of the seller, who is a minor at 17 years old. Generally, contracts involving minors are voidable at the minor's discretion until they reach the age of majority or a reasonable period after that.

The correct answer indicates that John is bound by the contract, which implies that he can enforce the agreement against the minor if he decides to proceed with the transaction. However, the law typically allows the minor to disaffirm or void the contract if they choose to do so, often without penalty. This nature of contracts with minors creates a unique situation where the minor has an option to protect their interests.

Understanding this concept is crucial in real estate transactions since it highlights the importance of verifying the legal capacity of all parties involved in a contract. While the minor has the ability to void the contract, John, as the buyer, remains in a position where he can seek legal obligations from the minor if the minor does not disaffirm the agreement within the allowable timeframe. This dynamic showcases the complexities of contracts with parties who lack full legal capacity, such as minors.