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What is Consideration must be real and not vague?
Consideration in a contract refers to something of value that is exchanged between parties, forming the basis of the agreement. For consideration to be valid, it must be real, meaning it should be concrete and specific rather than vague or ambiguous. This ensures that both parties understand their obligations and the value being exchanged, which is essential for enforceability. A lack of clear consideration can lead to disputes and render the contract unenforceable.
What is the difference between a void contract and an unenforceable contract?
Void contracts and unenforceable contracts are often used interchangeably. A void contract is not valid and therefore unenforceable. An unenforceable contract may be valid, but can not, for a number of reasons, be lawfully enforced.
What is the difference between a void contract and unenforceable contract?
Void contracts and unenforceable contracts are often used interchangeably. A void contract is not valid and therefore unenforceable. An unenforceable contract may be valid, but can not, for a number of reasons, be lawfully enforced.
When does an agreement become contract?
An agreement becomes a contract when there is an offer, acceptance and consideration. Absence of a written contract does not prevent a contract from being form. A contract can be both expressed or implied. Written or verbal.
Is a credit card contractual agreement enforceable if there is no signed copy of the card agreement in existence and can a contractual agreement exist only by the signing of the card and its use?
If there is no signed agreement then it is unenforceable as all of the terms relating to the contract are within this agreement.
What is the difference between a void contract and a unenforcable contract?
Void contracts and unenforceable contracts are often used interchangeably. A void contract is not valid and therefore unenforceable. An unenforceable contract may be valid, but can not, for a number of reasons, be lawfully enforced.
Do reciprocal promises in an executory contract constitute sufficient consideration?
lol no read your text book :P
What is preexisting contractual duty?
A preexisting contractual duty is a common law rule of contract. It is wherein a party's offer of a performance already required under an existing contract is an insufficient consideration for modification of the contract.
What is something of legal value that must be given by each party in exchange for what was promised or given by the other?
Something of legal value that must be given by each party in exchange for what was promised is known as "consideration." Consideration can take the form of money, services, goods, or an agreement to refrain from a specific action. It is essential for a contract to be enforceable, as it ensures that both parties are providing something of value in the transaction. Without mutual consideration, a contract may be deemed void or unenforceable.
What if wrong person signs a contract who isnt legally allowed to because property does not belong to them?
If the contract affects the property then it is null and void and unenforceable if the owner didn't sign it.If the contract affects the property then it is null and void and unenforceable if the owner didn't sign it.If the contract affects the property then it is null and void and unenforceable if the owner didn't sign it.If the contract affects the property then it is null and void and unenforceable if the owner didn't sign it.
Identify the term contract?
A contract is defined in law as an agreement between two parties with an offer, acceptance, and consideration.
What is the significance of contractual consideration?
the significance of consideration in law of contract is that it sets a value of exchange to the agreement between the parties
