BUS311_chapter_05

6 chapter summary case study lamle v mattel inc

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: nclude situations involving fraud, duress, undue influence, or mutual mistake of material fact, as well as those where a precondition to the contract was not met, where the contract itself is ambiguous, or where a subsequent modification is involved. 5.6 Chapter Summary O nce we know how a contract is formed, it is necessary to understand how different circumstances can affect the legal status of the contract. Contractual capacity issues, whether relating to a person’s age or mental competence, may make a contract voidable or even void. Even when an offer and acceptance are present, if the situation involves fraud, duress, undue influence, or a mutual mistake of the same material fact, the contract is nonetheless voidable. While oral contracts are generally perfectly legal, a few types of contracts must be in writing to be enforceable. Some of these circumstances may be beyond our control, but others can be anticipated and avoided. Whether making a contract that is personal or on behalf of...
View Full Document

Ask a homework question - tutors are online