Massachusetts Real Estate License Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Massachusetts Real Estate License Test with our comprehensive quiz. Gain confidence with flashcards and multiple choice questions, each with detailed explanations. Ace your exam with ease!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What does it mean for a contract to be voidable?

It is irreversible once signed
It is enforceable against all parties
It can be canceled by one party
It has no legal effect

The correct answer is: It can be canceled by one party

A voidable contract is one that is valid and enforceable on the surface but may be canceled by one of the parties under specific circumstances. This cancellation can happen due to reasons such as misrepresentation, fraud, undue influence, or mental incapacity at the time of signing. When a contract is voidable, the party who has the right to cancel it can choose to either affirm the contract and proceed, or they can choose to rescind it, thereby making the contract unenforceable. Understanding the nature of voidable contracts is essential in real estate transactions, where issues may arise that can affect the validity of agreements made. Recognizing which party holds the power to void the agreement can have significant implications for enforcing contract terms and obligations.