|
Voidable Contract
A voidable contract, unlike a void contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. At most, one party to the contract is bound. The unbound party may repudiate (reject) the contract, at which time the contract becomes void. Typical grounds for a contract being voidable include coercion, undue influence, mental incompetence, intoxication, misrepresentation or fraud. A contract made by a minor is often voidable, but a minor can only avoid a contract during his or her minority status and for a reasonable time after he reaches the age of majority. After a reasonable period of time, the contract is deemed to be ratified and cannot be avoided.US Legal, Inc.Contract by a minor accessed 23 February 2016 Other examples would be real estate contracts, lawyer contracts, etc. When a contract is entered into without the free consent of the party, it is considered a voidable contract. The definition of the act states that a voidable c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Void Contract
A contract is an agreement enforceable by law. A void agreement is one which cannot be enforced by law . Sometimes an agreement which is enforceable by law, i.e., a contract, can become void. Void agreements are different from voidable contracts, which are contracts that may be nullified. However, when a contract is being written and signed, there is no automatic mechanism available in every situation that can be utilized to detect the validity or enforceability of that contract. Practically, a contract can be declared to be void by a court of law. An agreement to carry out an illegal act is an example of a void agreement. For example, an agreement between drug dealers and buyers is a void agreement simply because the terms of the contract are illegal. In such a case, neither party can go to court to enforce the contract. A void agreement is void ab initio, i e from the beginning while a voidable contract can be voidable by one or all of the parties. A voidable contract is not vo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Void (law)
In law, void means of no legal effect. An action, document, or transaction which is void is of no legal effect whatsoever: an absolute nullity—the law treats it as if it had never existed or happened. The term void ''ab initio'', which means "to be treated as invalid from the outset", comes from adding the Latin phrase ''ab initio'' (from the beginning) as a qualifier. For example, in many jurisdictions where a person signs a contract under duress, that contract is treated as being void ''ab initio''. The frequent combination "null and void" is a legal doublet. The term is frequently used in contradistinction to the term "voidable" and "unenforceable". Definitions '' Black's Law Dictionary'' defines 'void' as: In the case of a contract, this means there is no legal obligation, therefore there can be no breach of contract since the contract is null, but there may be an implied contract which requires the recipient of goods or services provided to pay their reasonable value. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coercion
Coercion () is compelling a party to act in an involuntary manner by the use of threats, including threats to use force against a party. It involves a set of forceful actions which violate the free will of an individual in order to induce a desired response. These actions may include extortion, blackmail, or even torture and sexual assault. For example, a bully may demand lunch money from a student where refusal results in the student getting beaten. In common law systems, the act of violating a law while under coercion is codified as a duress crime. Coercion can be used as leverage to force the victim to act in a way contrary to their own interests. Coercion can involve not only the infliction of bodily harm, but also psychological abuse (the latter intended to enhance the perceived credibility of the threat). The threat of further harm may also lead to the acquiescence of the person being coerced. The concepts of coercion and persuasion are similar, but various factors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Undue Influence
Undue influence (UI) is a psychological process by which a person's free will and judgement is supplanted by that of another. It is a legal term and the strict definition varies by jurisdiction. Generally speaking, it is a means by which a person gains control over their victims' decision making through manipulation tactics and unfair pressure, typically for financial gain. Historically, UI has been poorly understood, even in some legal circles. Undue influence is typically perpetrated by a person who is trusted by the victim and is dependent on them for emotional and physical needs. caregiver, Caregivers are often found to have unduly influenced their patients, however, anyone in a position of trust and authority over the victim (e.g. fiduciary) may be guilty. This includes the victims' attorney, accountant, nursing home attendant, or even children. UI is a ''process'', not a single event. A manipulator may spend weeks, months, or even years before successfully unduly-influe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Misrepresentation
In common law jurisdictions, a misrepresentation is a false or misleading '' R v Kylsant'' 931/ref> statement of fact made during negotiations by one party to another, the statement then inducing that other party to enter into a contract. The misled party may normally rescind the contract, and sometimes may be awarded damages as well (or instead of rescission). The law of misrepresentation is an amalgam of contract and tort; and its sources are common law, equity and statute. In England and Wales, the common law was amended by the Misrepresentation Act 1967. The general principle of misrepresentation has been adopted by the United States and other former British colonies, e.g. India. Representation and contract terms A "representation" is a pre-contractual statement made during negotiations. If a representation has been incorporated into the contract as a term, then the normal remedies for breach of contract apply. Factors that determine whether or not a representation has beco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. Internal fraud, also known as "insider fraud", is fraud committed or attempted by someone within an organisation such as an employee. A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a vi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minor (law)
In law, a minor is someone under a certain age, usually the age of majority, which demarcates an underage individual from legal adulthood. The age of majority depends upon Jurisdiction (area), jurisdiction and application, but it is commonly 18. ''Minor'' may also be used in contexts that are unconnected to the overall age of majority. For example, the smoking age, smoking and legal drinking age, drinking age in the United States is 21, and younger people below this age are sometimes called ''minors'' in the context of tobacco and alcohol law, even if they are at least 18. The terms underage or ''minor'' often refer to those under the age of majority, but may also refer to a person under other legal age limits, such as the age of consent, marriageable age, driving age, voting age, etc. Such age limits are often different from the age of majority. The concept of ''minor'' is not sharply defined in most jurisdictions. The age of criminal responsibility and consent, the age at whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voidable
Voidable, in law, is a transaction or action that is valid but may be annulled by one of the parties to the transaction. Voidable is usually used in distinction to void ''ab initio'' (or void from the outset) and unenforceable. Definition The act of invalidating the contract by the party exercising its rights to annul the voidable contract is usually referred to either as ''voiding'' the contract (in the United States and Canada) or ''avoiding'' the contract (in the United Kingdom, Australia and other common law countries). ''Black's Law Dictionary'' (relevant to US law) defines voidable as follows: Right to rescind Generally speaking, one party will have the right to elect whether to annul the transaction or to affirm it. The avoiding of a voidable transaction amounts to the rescinding it or exercising a power of rescission and as such, it is subject to the general law in that regard. The right to rescind can be lost. In common law, there are generally said to be four "bars" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
