The Nature of the Agreement

9 important questions on The Nature of the Agreement

What is a void contract about?

If one or more of the essential elements is not present then a contract may be voidable. So it is not a contract and so has no legal effect.

What is a voidable contract about?

If one or more of the essential elements is not present then a contract may be voidable. It is a contract that is binding on one party but the other party has the option to set the contract aside. As long as that party doesn't set the contract aside, the contract remains valid.

What is a unenforcable contract about?

If one or more of the essential elements is not present then a contract may be unenforcable. It is a valid contract that the parties both have to carry out, but if one party refuses to carry out their side, then the contract will be invalid.
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What does it mean when a contract is bilateral?

When each party takes some sort of obligation, usually promising to do something in return for a promise the other party will something do too.

What are specialty contracts?

When a contract has to be in a particular form.

What is the person who makes the offer called and what is the person called who accepts the offer?

Makes: offeror. Accepts: offeree.

What is an invitation to treat about?

It is about an indication that a party is open to negotiation.

Party A is asking party B if they would like to make an offer that party A may accept or refuse.

What is a unilateral contract about?

It's a contract where the offeror promises to do something, usually to pay money, in return for an act by the offeree.

On which four things does an offer needs to be set?

It needs precise and certain terms, legal intention, it needs to be communicated to the offeree and there shouldn't be an invitation to treat.

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