Who may institute action for annulment of voidable contracts? Briefly discuss.
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Who may institute action for annulment of voidable contracts? Briefly discuss.
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- Determine whether the statement is legally correct (true) or not (false). Even where the contract has not been reduced to the required form, it is still valid and binding as far as the parties are concernedIs there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.What exceptions are there to contracts that normally require a writing to be enforceable?
- May an obligor be liable under an obligation subject to a suspensive condition although the condition has not yet been fulfilled? Explain.When will a person be bound by a contract entered into by another?What are the two basic methods of accounting for longtermconstruction contracts? Indicate the circumstancesthat determine when one or the other of these methodsshould be used.
- Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choicesEither party can choose to the contract in cases where both partiess to a contract are mistaken about either a current or a past material fact. O Refute O Confirm Rescind O Disclaim O UpholdAre monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law?
