Question

name five requirements for a valid and a voidable contract

Answer 1

For a contract to be valid and enforceable under the law, it must be consensual and legal, it must have a clearly defined “consideration” (value exchanged between the parties), and it must be signed by two adult parties of sound mind intending to satisfy the terms of the contract. it has Acceptance:, Consideration:Legal Intent, Those signing the contract and entering into the contract agreement must be competent.

A voidable contract is a legal agreement that could become unenforceable if any of the following scenarios occur:

• Either or both parties withheld important information.
• Either or both parties made a mistake.
• The information was misrepresented.
• A fraud occurred.
• Undue influence or duress was exercised over a party.
• A party was legally incapable to enter a contract.
• The terms of the contract are unconscionable.
• A breach of contract occurred.