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If you had a contract with a financial institution and they went bankrupt is the contract void?
Wiki User
∙ 14y ago
what can you do for a bankrupt financial institution? there bankrupt, out of busyness, the company does not exist no-mo!
Wiki User
∙ 14y ago
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What is the Difference between valid and void contract?
valid contract is one which satisfies all the condition of contract.on the other hand void contract is one which ceases to be enforceable by law.
Can an individual be held legally responsible for debts that occured when they were a minor?
An obligation to pay a debt is usually by contract. A contract by a minor is "voidable" meaning that it can be invalidated. However, it is not void. The difference is sometimes important because if a contract is void then someone could never be held accountable. A contract by a minor however, may later be ratified (acknowledged as valid) by that invididual. Ratifying the contract then makes the person legally responsible. If the person who signed the contract as minor does not want to be held legally responsible, he or she must formally rebuke that contract.
If a minor signed acontract he parents are responsible?
No, they are not responsible. Technically, any contract signed by a minor is void.
Can you void a contract if you signed it while under the influence?
A contract is generally not voidable because it was entered while a party was intoxicated. In order for you to qualify for incapacity, you would need to be intoxicated to there point where you could not remember any of the events surrounding the contract and you would need to be able to prove that you were that intoxicated. Its extremely difficult to prove the state of intoxication needed to make a contract voidable.
What is a principle of contract law?
There are basically two, main concepts and principles to contract law: First, being mutual consideration. BOTH parties have to receive benefit, or its not a legal contract. If only one receives benefit, then there is not a contract. Second, there has to be a "meeting of the minds." This means, both understand what they are agreeing upon. Both are agreeing on the same things. If one thought it meant something totally different, then there was not a meeting of the minds and the contract is void.
Does breach of contract void a contract?
A breach of contract does not void the entire contract. It can still be enforced.
Can a void contract be signed and upheld in court?
A void contract can be signed and upheld in court. However, this depends on why it was void to begin with.
Distinguish between void and illegal contracts?
The main difference between a void contract and an illegal contract is that a void contract is no longer valid. It's lost its authenticity. An illegal contract is a contract that is not legal in the name of law. Therefore, it is not relevant.
Is contract void due to wrong person signing?
Yes, the contract is void if the wrong person signs it. In order to be in a contract you must have standing.
What is the effect of an illegal contract?
Contract is null and void
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.
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.
What are the types of business contract bonds?
examples of void contract
What happens if the subject matter of a contract is destroyed?
The contract is void.
A mistake will always render the contract void?
No a mistake does not automatically make a contract void. It may void specific aspects of the agreement. The other terms could be enforced.
A contract without legal effect is?
A. Void B. Voidable C. Voiding D. Avoid ANSWER: A Void
