Voidable Contracts Essay

If a voidable contract is avoided, the promisee, but not the promisor, is released from it. False, both parties are released from it

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

A contract is an enforceable promise between parties. The parties to any contract must perform according to the relevant and required standards. This includes substantial performance of the services promised, complete or strict performance and personal satisfaction. Failure to perform as required is a breach, which is a compensable injury. Several defenses exist as a result of contract breach. This may include, statute of limitation, statute of frauds requirement for writing, fraud, mistake done during contract performance, lack of good capacity and unconscious ability.

According to Melvin (2011), consideration is most often when the offeror holds an offer open for a period. For arguments sake, and this e-mail constituted an agreement, the consideration would be the one month from Chou received the e-mail and the fax request from BTT.

There are many factors that can make a contract invalidated, which means that the contracts cannot be used anymore, such as the following:

A contract is legally binding in a court law and an agreement between two or more parties. a contract can be written or verbal. A written contract is an agreement by two or more parties on a printed file that has been signed by both of the parties while verbal contracts are agreement which have been agreed by verbal statement. Written contracts are legally binding and it is easier to implement than verbal contracts. It is better that the business arrangements are in a written contract to avoid facing problems when you are trying to prove a contract existed.

A breach of contract means that one or more of the terms and obligations written in a deal has not been fulfilled. When one or more of the parties involved in the deal do not comply with the agreements in the contract, it is considered breach a contract. They have the rights to take legal action and claims for compensations or damages in a court. Breach of contract includes failing to perform as promised, making it impossible for the other party to perform as promised, or making it known there is an intention not to perform (When Can You Sue for Breach of Contract?,

While they are both forms of contracts and have similar components; they are unique and different from each other in the “execution” and “working” of those steps between the two parties; I’ll take a look at a couple of those. The “Offer” under the UCC Articles an

A contract is considered a legally binding agreement. A valid contract is an agreement that is binding and enforceable. A contract is not enforced if one of the parties involved has a lack of capacity. When lack of capacity is determiend a contract is voidable. A contract signed by a minor can be avoided because anyone under the age of 18 is a minor and minors are not legally capable of signing contracts. Since Alex signed the contract at the age of 16, it is not a binding contract.

This contract is void. This is due to the element of intention missing. Both parties lacked a serious intention to make a binding contract. They did not intend to create a legally enforceable agreement. Jane’s acceptance to Arnold’s offer to dinner and dance does not create an enforceable contract, but a social agreement between friends, even if Arnold went through an expense for the night.

Void contracts are basically those which contravene a provision in a statute or are contrary to public policy at common law but to which the ex turpi causa principle does not apply.

C)Valid contracts are that enforceable at law.Void Contracts are unenforceable at law.Unenforceable contracts can’t be compelled in a court.Voidable Contracts might appear to be valid.

For example, I purchase a DVD player from my neighbor and my friend told that I can get the same DVD player at Walmart cheapest. So I decided to return and demanded my money back. This is a voidable contract both parties may avoid the contract if either so desires. Another example is a void contract is, strictly speaking without a contract. There is also a formal and informal contract. Formal contract must abide by requiring that a contract be in writing. We all know that most of the contracts are informal in

There are several types of contracts that can be enforced, some written, some expressed orally, and others can have neither and be simply implied by the actions of the parties. There are generally four categories of a contract which include the Offer and Acceptance, which is that the party can only accept what is offered. If there is more that is to be accepted or offered then terms and conditions are negotiated between parties in until the contract is accepted. Acceptance usually comes in the form of writing, verbal, or an action that clearly expresses the intent to accept the offer. Secondly there is Consideration this is a requirement where a promise is made as part of the bargained for exchange. The third element of a contact is Capacity meaning that that each of the party involved in the contact have the legal capacity to do so. One example of this would be a person not being of legal age to enter into a contact would not have the legal capacity to do so. The fourth element is that the contract must support legal and public policy. This element is to ensure that if a section of the contract is to be enforced by the courts it must be a legal act that is being enforced. In addition to this the courts can decide if the agreement was made under duress, fraud, or other detrimental matters.

There must be certainty and possibility of performance: A contract, to be enforceable, must not be vague or uncertain and there must be possibility of performance. A contract, which is impossible to perform, cannot be enforced, e.g., where a website promises to sell land on the moon.