Which type of real estate contract is typically revocable by one of the parties?

The nature of a voidable contract is such that it remains valid and enforceable until one party decides to revoke it. This typically occurs when one party has a legal right to back out of the agreement, often due to certain imperfections or circumstances surrounding the contract formation, such as misrepresentation, undue influence, or being a minor at the time of signing. For instance, if a minor enters into a real estate transaction, they possess the capacity to void the contract because they are not deemed legally responsible to the same extent as adults.

In contrast, an executor contract does not inherently have revocable provisions, as it typically pertains to the obligations an executor has under a will. A void contract is one that is not legally enforceable from the moment it is created, due to a fundamental issue such as illegality or lack of capacity, meaning that it doesn’t carry any rights or obligations for the parties involved. A statutory contract refers to agreements that must meet specific legal requirements set by statutes and does not inherently have revocable characteristics.

Thus, in situations where one party can unilaterally decide to revoke the agreement, the correct classification is that of a voidable contract.