California Real Estate Practice Exam

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If a mistake is discovered in the lot size after a property purchase agreement is signed, and the buyer wants to proceed, they might seek a(n)?

Annulment
Amendment
Reformation
Adjustment

The correct answer is: Reformation

Reformation is the process of changing or altering a contract in order to correct a mistake or error. In this scenario, the lot size was incorrectly stated in the purchase agreement, so the buyer may seek reformation to adjust the terms of the contract to reflect the correct lot size. Option A, annulment, refers to canceling or revoking a contract entirely, which would not be appropriate in this situation where the buyer still wants to proceed with the purchase. Option B, amendment, refers to making changes or additions to a contract, which could be a possible solution in this scenario, but it is not as specific as reformation in addressing the mistake in lot size. Option D, adjustment, may also be a suitable solution, but it does not convey the legal aspect of changing or correcting the contract like reformation does.