Defective Contracts

Question 1

A contract is considered as ________because of its legal insufficiency due to its incompleteness or incorrectness.

Answer 1

Defective

Question 2

4 defective contracts

Answer 2

• a rescisseble contract
• voidable
• enforceable contracts
• a void contract

Question 3

is a valid contract because it contains all of the essential requisites prescribed by law, but which is defective due to injury or damage to either of the contracting parties or to third persons as a consequence of which it may be rescinded by means of a proper action for recission.

Answer 3

A rescissible contract

Question 4

It is a contract which is valid until annulled. All of the essential elements for validity are present, but the element of consent is vitiated either by lack of legal capacity of one of the contracting parties, or by mistake, violence, intimidation, undue influence or fraud.

Answer 4

Voidable

Question 5

Those that cannot be enforced by a proper action in court UNLESS they are ratified, because they are either entered into without or in excess of authority or they do not comply with the Statue of Frauds or both of the contracting parties do not possess the legal capacity.

Answer 5

Unenforceable contracts

Question 6

is considered to be inexistent by operation of law. It is where the parties agree to do something illegal, like committing a crime, or otherwise against the law.

Answer 6

A void contract