The president of a local bank wants to sell her home. She instructs an agent to inform a buyer moving to town that her bank, along with others, is about to curtail mortgage lending for the rest of the year. Hearing this, the buyer hurries to make a full-price offer in order to get the loan application in before the freeze. The seller accepts the offer. This contract is:

Question

Business

Raina Walls

12 November, 19:05

The president of a local bank wants to sell her home. She instructs an agent to inform a buyer moving to town that her bank, along with others, is about to curtail mortgage lending for the rest of the year. Hearing this, the buyer hurries to make a full-price offer in order to get the loan application in before the freeze. The seller accepts the offer. This contract is:

+4

Answers (1)

Know the Answer?

Corinne Logan · Answer 1

The correct answer is: voidable

Explanation:

The action of nullity or relative nullity of the contracts, supposes the possibility of canceling a contract when it suffers from vices that affect the consent, the cause or the capacity of the contractors (DEJ).

The nullity is that other less energetic imperfection derived, above all, from certain vices of capacity or will that gives rise to an action of nullity or challenge, which, if successfully exercised, results in the destruction of the act with retroactive efficacy.

It closely resembles the legal figure of nullity, but it has important differences: it can be remedied and for it to take effect there must be an act on the part of the interested party.