chapter 9: Valid, Void, Voidable, and Unenforceable Contracts

What is a unenforceable contract?

it is a contract for which the breach of which the law does not provide a remedy. example: statute of limitatiosn, after the time hsa run out the contract falls into this category instead of void or voidable.

what is a voidable contract?

it is a contract, that because of the manner it which it was formed or a lack of capacity of a party to it, the law permits one or more of the parties to avoid the legal duties the contract creates. for example misrepresentation of material facts ( fraud) is a way you could get out of it because of the way it was created.

what is a void contract?

it is an agreement that does not meet all of the requirements of a binding contract. just a promise or an agreement with no legal effect.

what is a valid contract?

one that meets all the requirements of a binding contract.