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EzraA valid contract is legally enforceable and meets all the essential elements required by law, such as mutual assent, consideration, capacity, legality, and proper form. On the other hand, a void contract is not legally binding from the beginning due to a fundamental flaw, such as illegality, lack of capacity, impossibility, or violation of public policy. A void contract is treated as if it never existed, while a valid contract creates legal obligations between the parties.
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Is a contract valid if one of its terms breaks the law Why or why not?
No, a contract is not valid if one of its terms breaks the law. This is because contracts must be formed for a legal purpose and must comply with the law in order to be enforceable. If a contract includes a term that violates the law, that term is considered void and unenforceable, which may render the entire contract invalid. It is important for contracts to adhere to legal requirements to ensure their validity and enforceability.
Can an individual be held legally responsible for debts that occured when they were a minor?
An obligation to pay a debt is usually by contract. A contract by a minor is "voidable" meaning that it can be invalidated. However, it is not void. The difference is sometimes important because if a contract is void then someone could never be held accountable. A contract by a minor however, may later be ratified (acknowledged as valid) by that invididual. Ratifying the contract then makes the person legally responsible. If the person who signed the contract as minor does not want to be held legally responsible, he or she must formally rebuke that contract.
What is the difference between a covenant and a condition?
When covenants are breached, the convenantor (grantee) loses their rights to the covenantee (grantor) and are liable for damages at law. When conditions are breached, the contract is void and the breaching party is liable for damages. Between the two, if violated, covenants do not destroy the conveyance, conditions do destroy conveyance.
If a minor signed acontract he parents are responsible?
If a minor signs a contract under the legal age of majority (usually 18), the contract is typically not enforceable. In most cases, the parents would not be responsible for the contract unless they co-signed or guaranteed it. The minor may have the option to void the contract.
If you had a contract with a financial institution and they went bankrupt is the contract void?
If a financial institution goes bankrupt, your contract with them may not necessarily be void. The terms of the contract, bankruptcy laws, and court decisions will determine how the contract is treated during the bankruptcy process. It is advisable to consult with a legal professional for guidance on how to proceed in such a situation.
