Contracts

Question 0

A contract that may have been valid between parties but that a court would refuse to enforce, for example, an oral contract for the sale of real estate or a vaguely worded

•New York State’s statute of frauds requires that contracts for the sale of real estate or at least real property for more than one year must be in writing in order to be enforceable.

Answer 0

Unenforceable

Question 1

• Can be terminated or nullified by one party without liability because of a lack of legal capacity, or other factor as such as fraud or duress
• binding to the other party of the contract

Answer 1

Voidable

Question 2

• lacks one or more of the requirements for contract formation, or is otherwise defective
• not technically a contract

Answer 2

Void

Question 3

• A binding, legally enforceable agreement
• Meets all of the legal requirements for contract formation
• if one party doesn’t fulfill his side of the bargain, the other party has legal recourse and several options including suing to have the contract enforced:

Answer 3

Contract valid

Question 4

A contract in which both parties have fully performed their contractual obligation

Answer 4

Executed

Question 5

A contract in which one or both parties have not yet completed performance of the contract you’ll obligations, though they may be in the process of carry out their duties.

Answer 5

Executory

Question 6

• Is an agreement between two or more competent parties to do, or not do, something for some consideration.
• it is a legally enforceable promise, with the law providing remedies for breach.
• can be classified as unilateral or bilateral.
• can be created into ways: express or implied it.
• can be classified as valid, avoidable, void, or unenforceable.
• has a status of either executory or executed.

Answer 6

Contracts