Void Valid Voidable Flashcards
1
Q
What makes a contract valid?
A
One that meets the basic elements of contract law.
2
Q
What makes a contract voidable?
A
Provides the option to rescind by either party. At the creation of the contract it is valid but it could be voided in the furture.
3
Q
What makes a contract void?
A
Has no legal force. It is missing an essential element, thus it is not a contract.
4
Q
What are the four parts of a contract?
A
Mutual consent, lawful object, consideration, capable parties.
