BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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needs only 2 parties
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a legal contract
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one can’t be enforced by law
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an illegal contract
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Detailed explanation-1: -A void contract is a formal agreement that is effectively illegitimate and unenforceable from the moment it is created. 1. A void contract differs from a voidable contract, although both may indeed be nullified for similar reasons. A contract may be deemed void if it is not enforceable as it was originally written.
Detailed explanation-2: -(i) An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract; (j) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.
Detailed explanation-3: -Revocable Contract If a contract is revocable, then the court cannot enforce it. For example, if the parties explicitly agreed in the contract that it is revocable at any time, then the court will not acknowledge the contract or require specific performance.
Detailed explanation-4: -A voidable contract is a formal agreement between two parties that may be rendered unenforceable for any number of legal reasons, which may include: Failure by one or both parties to disclose a material fact. A mistake, misrepresentation, or fraud. Undue influence or duress.