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An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other, is a :
- a)Valid contract
- b)Unenforceable contract
- c)Voidable contract
- d)Void agreement
Correct answer is 'C'. Can you explain this answer?
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An agreement which is enforceable by law at the option of one or more ...
Explanation:
Voidable contracts are those which are enforceable at the option of one or more parties but not at the option of others. This means that one party has the power to avoid the legal obligations of the contract while the other party is bound by it. The party who has this option is said to have the power of avoidance.
Examples of voidable contracts include contracts made by minors, contracts made under duress or undue influence, and contracts made by parties who lack mental capacity.
In a voidable contract, the party with the power of avoidance must act within a reasonable amount of time in order to avoid the contract. If they do not act within this time frame, the contract becomes binding on both parties.
For example, if a minor enters into a contract to buy a car, they have the power to avoid the contract. However, if they continue to use the car for several months without taking any action to avoid the contract, the contract becomes binding on both parties.
In conclusion, a voidable contract is enforceable at the option of one or more parties but not at the option of others. It is important for parties to be aware of the circumstances under which a contract may be voidable, and to take action within a reasonable amount of time if they wish to avoid the contract.
Voidable contracts are those which are enforceable at the option of one or more parties but not at the option of others. This means that one party has the power to avoid the legal obligations of the contract while the other party is bound by it. The party who has this option is said to have the power of avoidance.
Examples of voidable contracts include contracts made by minors, contracts made under duress or undue influence, and contracts made by parties who lack mental capacity.
In a voidable contract, the party with the power of avoidance must act within a reasonable amount of time in order to avoid the contract. If they do not act within this time frame, the contract becomes binding on both parties.
For example, if a minor enters into a contract to buy a car, they have the power to avoid the contract. However, if they continue to use the car for several months without taking any action to avoid the contract, the contract becomes binding on both parties.
In conclusion, a voidable contract is enforceable at the option of one or more parties but not at the option of others. It is important for parties to be aware of the circumstances under which a contract may be voidable, and to take action within a reasonable amount of time if they wish to avoid the contract.
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An agreement which is enforceable by law at the option of one or more ...
A "voidable contract" is the correct answer because it refers to a contract that is legally valid and enforceable, but one or more parties involved have the option to void or cancel the contract under certain circumstances. This means that the contract is binding and can be enforced by law, but one party has the right to terminate the contract if they choose to do so.
The other options can be explained as follows:
Option A: A valid contract is a legally binding agreement that meets all the necessary requirements for enforceability. It does not give either party the option to void the contract.
Option B: An unenforceable contract is a contract that has legal validity but cannot be enforced in a court of law due to certain specific reasons, such as the statute of limitations.
Option D: A void agreement is an agreement that has no legal effect and is not a contract at all. It is invalid from the beginning and cannot be enforced by either party.
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An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other, is a :a)Valid contractb)Unenforceable contractc)Voidable contractd)Void agreementCorrect answer is 'C'. Can you explain this answer?
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