BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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void
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unilateral
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limited
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unenforceable
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Detailed explanation-1: -A void contract has no legal effect, it would be missing one of the six elements. An unenforceable contract is one the court will not uphold.
Detailed explanation-2: -If one party does not have the capacity to enter into the contract, the legal document may be void. A contract is only valid if all of these elements of a valid contract are present. If one element is missing, the contract may be void or unenforceable.
Detailed explanation-3: -A contract may be deemed void if the agreement is not enforceable as it was originally written. In such instances, void contracts (also referred to as “void agreements"), involve agreements that are either illegal in nature or in violation of fairness or public policy.
Detailed explanation-4: -Generally, where it is proven that an agreement was made, the agreement will be deemed as a legally binding contract if the six elements to a contract are present. The six elements are Offer, Acceptance, Consideration, Intention, Capacity, and Legality.