Question
Self Check 1. What are the differences among valid , void,and voidable contracts? 2. What are the differences between express and implied contracts? 3. What is a unilateral contract?
Answer
4.6
(271 Votes)
Lottie
Elite · Tutor for 8 years
Answer
1. Differences among valid, void, and voidable contracts are explained above.2. Differences between express and implied contracts are provided above.3. A unilateral contract involved an obligation on the part of one party only and its details are mentioned above.
Explanation
1. Valid, void, and voidable contracts: A valid contract is, as it sounds, a legally binding agreement. It has the complete consent of all the involved parties, is produced within the legal capacity, is not against public policy, etc. It fulfills all the necessary formalities. On the opposite, a void contract is completely without legal force or effect from the very beginning. It can’t be enforced by either party, even if all standard requirements are fulfilled, if the subject matter itself is illegal. Meanwhile, a voidable contract creates rights and obligations; however, one or both parties have the option to void the contract. Should a party choose to enforce the original agreement, the opposite party cannot use loopholes. Overall, valid contracts are legal and complete in nature, void contracts don’t ever hold up in a court of law, while voidable contracts may go both ways depending on one party’s actions or precautions. 2. Express and implied contracts: An express contract is one where the terms and conditions are openly stated, bringing clarity to both parties involved. They can be in writing or verbal, both are legally enforceable. An implied contract, however, isn’t as overt. Its existence is suggested by circumstantial evidence, such as the actions, behavior, or circumstances of the parties involved. 3. The definition of unilateral contract: A unilateral contract is a contract where only one party to the contract is required to perform a duty. The poster making the promise or the party promising a performance or offering a promise is the only party in this type of contract that has an obligation under the law. This entire contractual obligation depends on one party meeting a specific performance standard.