name five requirements for a valid and a voidable
contract
For a contract to be valid and enforceable under the law, it must be consensual and legal, it must have a clearly defined “consideration” (value exchanged between the parties), and it must be signed by two adult parties of sound mind intending to satisfy the terms of the contract. it has Acceptance:, Consideration:Legal Intent, Those signing the contract and entering into the contract agreement must be competent.
A voidable contract is a legal agreement that could become unenforceable if any of the following scenarios occur:
1. A contract that lacks one or more of the basic required elements of a contract or that has not been formed in conformance with the law from the outset of the agreement is considered void. enforceable. voidable. valid. 2. A contract in which one party may disaffirm or enforce the contract is a voidable contract. a void contract. a valid contract. an unenforceable contract.
Questions: 1. The requirements for a valid contract are Offer, Acceptance, Consideration, and Capacity. DEFINE each of these four requirements 2. EXPLAIN each of the four legal detriments of money, goods, services, or the giving up a legal right. PROVIDE an example of each. 3. SUMMARIZE the four ways in which acceptance is terminated by operation of law. PROVIDE an example of each. 4. CATEGORIZE the two different types of contract conditions. What requirement (from question 1), for a valid...
Discuss the four components of a valid contract and apply them to a contract with a vendor to purchase a new CT scanner. What would you include in the contract? How would you be sure it would be valid?
Q7-4 What are the requirements for a collaboration information system? Name and describe the five components of a collaboration information system. Summarize the primary requirements for collaboration information systems and relate those requirements to the need for iteration and feedback as well as the three criteria for successful collaboration.
What are the four elements of a valid contract? Describe the objective theory of contracts. Why do you think the court held that tere was not a valid agreement in the Judge Wood's decision
_______ is the first of the four elements of a valid contract A) a. Consideration B) b. Capacity C) c. Mutual assent D) d. Legality
1. The mailbox rule provides that an acceptance is valid when it is received by the offeror. True or False 2. A(n) ________ contract is, in effect, not a contract at all. Multiple Choice voidable executory implied executed void 3. Consideration is defined as ________. Multiple Choice being cordial in the negotiation of contracts refraining from unethical behavior in the negotiation of contracts being both cordial and refraining from unethical behavior in the negotiation of contracts a bargained-for exchange a...
principles of business law Question 1 (a) John is married to Maria. Sarah promises to pay John R50 000 if he divorces Maria and marries her. John agrees and Sarah pays him the money. John later refuses to divorce his wife and also refuses to return the money. Advise Sarah. Briefly discuss the circumstances under which a newspaper advertisement may constitute a valid offer. (b) (c) Name five requirements for a valid contract. (d) When are damages awarded for breach...
Which of the following is true of a contract where one of the parties is insane but not adjudged insane? Only the court appointed legal guardian to the insane person can modify contracts The contract is voidable by the competent party © The non-insane person must be placed in status quo if the insane person voids the contract. The contract is only voidable by the insane person
A legally binding contract that can be terminated at the option of one of the parties is called: a. an executed contract b. a formal contract with an escape clause c. a voidable contract d. a void contract e. a parol evidence contract