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    Defective Contracts

    Uploaded by

    Matsouka Kou

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    © All Rights Reserved
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    Defective Contracts

    Uploaded by

    Matsouka Kou
    11 views1 page

    Copyright

    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
    11 views1 page

    Defective Contracts

    Uploaded by

    Matsouka Kou

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    John Ray Egualan

    Law 1
    Make the following defective contracts:

    1. Rescissible - those validly entered into by the contracting parties, but because of
    them resulting to economic damage or lesion to one of the parties or a third person, OR
    for having been entered into in fraud of creditors, OR without knowledge and approval
    of judicial authority having custodia legist over the property involved, OR for being
    specially declared by law as rescissible may, for equitable reasons, be rescinded or set
    aside by the court.
    Example situation if i agree to let you store goods in my warehouse and you agree to
    pay me money monthly. Then a hurricane destroys the warehouse.

    2. Voidable - An agreement which has all the essential elements of a contract is called
    a valid contract. A valid contract can be enforced by law.
    Example one is involving a minor. Minors can enter into contracts, but they can also
    decide to breach the terms without legal repercussions.

    3. Unenforceable - A ‘unenforceable’ contract usually means a “mere” agreement f or


    agreements to become contracts additional elements are necessary such as contractual
    capacity, intention to be bound, legality, possibility and in some contract’s formalities
    and in some jurisdiction’s consideration.
    Example Fraud in the inducement to contract is a reason that the contract would be
    void and unenforceable.

    4. Void - are lack of capacity or an illegal subject of the contract.


    Example there is any legal act stated in the contract in order to make the contract valid
    that would make the contract voidable.

    5. Valid - A valid contract is one that clearly shows the purpose of the agreement, and
    has all elements of a binding agreement: offer and acceptance, consideration, mutual
    assent, and entered into by competent parties for a legal purpose.
    Example you sign to buy a blue house, and the house is blue; thus, the contract is
    valid.

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