How Do You Understand Contracts Part 4?
Before taking action in court to enforce a contract or to respond to a plaintiff for you alleged breach of contract, you get a sense as to which of four categories the court will place your contract. Know what makes a valid contract: As mentioned before, there must be agreement, consideration and capacity on behalf of the principals entering into the contract to do a lawful act. However it must also be enforceable. As an example, if you buy a sole proprietorship from an individual and he dies, you are not bound to execute his contracts. Any action for his lack of performance must be brought against his estate. Know what makes a contract void. After passage of the Volstead Act in 1919 every contract to deliver liquor to any establishment in the United States was voided because the consumption of liquor was suddenly illegal. These existing contracts where suddenly made null and void with Congress’ override of Woodrow Wilson’s veto Distinguish from a voidable contract. Minors, insane peop
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