Level 7: Contract Legal Status

Question 1

Contract Categories: Valid

Answer 1

accurately reflect the contracting parties’ intentions, making them legally binding and legally enforceable for all parties involved

Question 2

Contract Categories: Void

Answer 2

an attempt to create a legally binding agreement but does not impose any legal rights or satisfy the requirements of a legally valid contract

Question 3

Contract Categories: Voidable

Answer 3

potentially valid contracts where at least one party has the option to rescind or terminate the contract without penalty

Question 4

Contract Categories: Unenforceable

Answer 4

contract that has (or had) the potential of being a valid contract, but its enforcement is barred by some attribute of the contract or technicality of law

Question 5

Enforcement of Contracts: Statute of Frauds

Answer 5

state-level law that requires certain types of contracts to be set out in writing to be enforceable

Question 6

Enforcement of Contracts: Statute of Limitations

Answer 6

state and federal laws establishing time limits for bringing certain kinds of legal actions

Question 7

Enforcement of Contracts: Doctrine of Laches

Answer 7

relies on the court’s discretion as to whether or not a plaintiff has waited too long to make a claim

Question 8

Parol Evidence Rule

Answer 8

legal concept that says that oral evidence can be used to support a written contract but can NOT be used to contradict one — particularly a written contract that is clearly intended to be the final expression of the agreement

Question 9

Parol Contracts

Answer 9

orally created contracts or the oral modification of written contracts, their enforceability depends on circumstances surrounding their creation

Question 10

Contract Legal Status Visual Aid