Description
It's time to delve into contract law, at least momentarily. Contracts are integrated into our everyday life whether we realize it or not. If you make a purchase at a store, you are creating a contract for the purchase of said items in return for cash, check or credit. While this may not be a traditional type of contract consisting of a written document that all parties sign, this is nevertheless a contract.
Much the same, we deal with contracts on a day-to-day basis in the business world. But, can everything be contracted? Or are there certain contracts that are void or voidable (hint, hint)?
Write a 2-3 page paper using proper APA formatting. Within this paper you are asked to analyze the types on contracts that are void and voidable as well as why they are forbidden in the business world. Below are some ideas to help get you started:
- Compare and contrast void and voidable
- Against public policy
- One-Sided
- Minor exception
- Mental Capacity
- Illegal Contracts
Explanation & Answer
Here you are
Running Head: VOID AND VOIDABLE CONTRACTS
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Void and Voidable Contracts
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VOID AND VOIDABLE CONTRACTS
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There are many differences between void and voidable contracts. The main difference,
however, relies on the legality of the contracts. Void contracts are those that are illegal and are
not enforced by law (Schaefer, 2010) whereas a voidable contract is entitled to be enforced by
the law. Meaning, those that are deemed to be void have a disability and entirely against the law,
and those that are voidable are valid and legal. The term void means that something is not legally
binding and if one were to breach an unenforceable contract, the other party involved could not
make any legal claims against them. The valid contracts, however, can later become void
(Schaefer, 2010). This will happen if the contractor fulfills all necessary conditions ...