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Unformatted text preview: owever if the victim wishes to go through with the contract, he or she can hold the “bad guy” to the deal. Suppose that Heather, in the above example, discovers that Felipe actually contracted to pay more than market value for her old car. If she decides to forgive him for the whole gun thing and hold him to the contract rather than voiding it, she can. Lastly, a contract made when there was a mutual mistake of material fact is voidable at the option of either party. A contract that is unenforceable is one that was legally required to be in writing and is not. A law called the statute of frauds (which is not the same as the fraud mentioned above) requires that five types of contracts be evidenced by writing. Lastly, an agreement that is illegal is void, which generally means it will be given no legal effect. Now that we understand the terminology, let’s begin with a closer look at the voidable contracts, followed by an examination of unenforceable and void agreements. rog80328_05_c05_089-110.indd 90 10/26/12 5:37 PM Secti...
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This test prep was uploaded on 04/09/2014 for the course BUS 311 taught by Professor Parker during the Spring '10 term at Ashford University.

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