BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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has no seal
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is not in writing
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has no legal effect at all
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can be voided by at least 1 of the parties
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Detailed explanation-1: -A voidable contract is initially considered legal and enforceable but can be rejected by one party if the contract is discovered to have defects. If a party with the power to reject the contract chooses not to reject the contract despite the defect, the contract remains valid and enforceable.
Detailed explanation-2: -not enforceable by the parties.
Detailed explanation-3: -One party has the option to void the contract or to keep it valid while the other party doesn’t have this option. A voidable contract is valid and legal until revoked or canceled.
Detailed explanation-4: -Void, valid, and voidable contracts are agreements that can briefly be described as follows: Void: Not an actual contract and is unenforceable. Valid: Legally binding and enforceable in a court of law. Voidable: Valid and enforceable but contains a flaw that may make it void.
Detailed explanation-5: -This is a formal agreement between at least two parties that may not be legally enforceable. A contract can be deemed voidable if: One or both parties has not disclosed a material fact. The contract includes misrepresentation, errors, or fraudulent statements.