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A agrees to sell to B a hundred tons of oil and B agrees to purchase the same. is this a valid contract?
Wiki User
∙ 13y ago
No, it's technically only an agreement. He's agreeing to buy X amount of something from you and will write up the final price, etc, later. It's only a legally binding contract if you have a "signed" contract. In some states it MAY be legally binding if you have witnesses on both sides of a non signed contract.
Wiki User
∙ 13y ago
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If we signed a construction contract for the purchase of land and the build of a home but one of the land owners refused to sign the contract what are our legal ramifications?
If one of the fee owners didn't sign the contract then you don't have a valid contract. In order for the contract to purchase land and build on it to be valid and binding on the parties it must be signed by all of the purchasers and all of the fee owners.
Can you lease purchase a home without co-buyers consent?
No. To execute a valid contract it needs to be signed by all the owners.
What is the Difference between valid and void contract?
A valid contract is legally enforceable and meets all the essential elements required by law, such as mutual assent, consideration, capacity, legality, and proper form. On the other hand, a void contract is not legally binding from the beginning due to a fundamental flaw, such as illegality, lack of capacity, impossibility, or violation of public policy. A void contract is treated as if it never existed, while a valid contract creates legal obligations between the parties.
What are the examples of essentialia of a contract?
valid contract
If an item line of a contract is changed and not initialed by both party's is it still a valid contract?
No. It is no longer valid.
How can misrepresentation affect a valid contract?
When someone is induced into entering into a contract as a result of a false statement.
Explain the elements of a valid contract?
Valid elements of a contract include both parties signatures. A contract must also include both parties agreeing on the terms of the contract.
Is money lending a valid contract?
It depends on the contract If you are borrowing from a bank or other valid institution I will guaranty the contract will be valid and enforceable. If you are borrowing from your local loan shark, the "contract" may not be valid, but do you want to take the chance?
How do you collect on a purchase agreement that is delinquent?
You must have a valid contract in order for it to be legally enforceable. If the other party breached the contract then you need to file a lawsuit in a civil court of equity in order to recover damages.
Can a home purchase contract be considered binding in the form of a verbal agreement?
This would violate the statue of frauds. The sale of property must be in writing to be valid.
If the signatories to a contract change is the original contract still valid?
The contract technically isn't valid if the name has changed. You should resign a contract if you would like to continue the business relationship.
What is valid contarct?
A valid contract is an agreement enforceable by law. A Valid Contract is defined under Sec 2(h) of the Indian Contract Act, of 1872. To know the essential features of forming a valid contract, please refer to Desire 4 Legal Knowledge
