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What type of contract do both parties have the option to avoid their contractual obligations?
what type of contract do both parties have the option to avoid their contractual obligations what type of contract do both parties have the option to avoid their contractual obligations
What is an enforceable contract?
Enforceble contract is a contract which is done with the acceptance with both parties
What is Mutuality of obligation?
Idea that both parties of a contract must be bound for contract to be enforceable
An oral contract that must be in writing to be enforceable is not enforceable unless the parties to it admit to its existence in court?
False
Capacity of the parties to the contract refers to?
capacity of parties
Contractual rights and duties are created by?
Contract between parties
What is a contractual relationship?
Legal relationship between contracting-parties evidenced by (1) an offer, (2) acceptance of the offer, and a (3) valid (legal and valuable) consideration. Existence of a contractual relationship, however, does not necessarily mean the contract is enforceable, that it is not void (see void contract), or not voidable (see voidable contract). Read more: http://www.businessdictionary.com/definition/contractual-relationship.html#ixzz166WySF1X
Key elements of a valid contract?
A valid contract includes an offer by one party, acceptance by the other party, consideration exchanged between the parties, legal capacity of the parties to enter into the contract, and a legal purpose for the contract. These elements are essential for a contract to be legally enforceable.
If a contract is not enforceable is it valid in Va?
The contract is always inforceable by law. And all the parties are legally perfoming there contracts.
How must a sealed contract be executed?
Contract must be properly signed and witnessed as to make it enforceable to all parties
What are the relevance of capacity to contract in a sale of goods contract?
if one of the parties does not have the capacity to contract there will be no contract formed
What is the defect of a voidable contracts?
A void contract is one that is no longer enforceable for some reason, such as it has expired or the parties have cancelled it. A voidable contract is one where one or both of the parties could walk away from the contract without further obligation, but has not done so.
