BUS311_chapter_05

Indd 89 102612 537 pm section 51 valid voidable

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Unformatted text preview: s With a Price of $500 or More • Contracts Creating an Interest in Real Estate • Requirements of the Writing Under the Statute of Frauds rog80328_05_c05_089-110.indd 89 10/26/12 5:37 PM Section 5.1 Valid, Voidable, Unenforceable, and Void Agreements CHAPTER 5 A fter determining that an offer and acceptance are valid, and that there is valid consideration, each party to the contract must have the capacity to enter into a binding contract and must give his or her genuine assent to enter into a binding agreement. To put it another way, the parties must fully understand that they are entering into a contract, and they must willingly enter into a contractual relationship with each other. To use a simple example, if Felipe holds a gun on Heather to persuade her to sell him her car, there may be offer, acceptance, and consideration, but the contract is defective due to lack of mutual assent. Heather was not truly agreeing to sell her car; she just wanted to avoid getting shot. In this chapter we will examine a number of impediments that might invalidate what otherwise appear to be valid contracts...
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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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