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Valid contract definition
12 Mar 15 - 17:01
Download Valid contract definition
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Date added: 13.03.2015
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A formal agreement that is illegitimate and unenforceable from the moment it is created. A void contract could be considered void for a number of reasons.
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Definition of valid contract: A contract that complies with all the essentials of a contract and is binding and enforceable on all parties. A voidable contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which Definition: A voluntary, deliberate, and legally binding agreement between two or more competent parties. ContractsClick to read more about contract.
A void contract cannot be enforced by law. Void contracts are different from voidable contracts, which are contracts that may be (but not necessarily will be) Definition of voidable contract: A contract that has legal effect and force when it is made, but is liable to be subsequently annulled or set aside by the courts An unenforceable contract is a valid contract that cannot be fully enforced due to some technical defect. Unenforceable contract has some legal consequences Specific Performance. An extraordinary equitable remedy that compels a party to execute a contract according to the precise terms agreed upon or to execute it A valid contract normally contains the following five basic elements. These words have the legal meaning that the document is not a contract, and that all of the
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