Which of the following is true regarding contract validity?
A) A void contract is one where a party has the option to avoid his or her contractual liability.
B) A voidable contract is one in which a party may avoid his or her obligation under the contract.
C) A voidable contract is one that has no legal effect because one of the essential elements is missing.
D) An executory contract is unenforceable.
E) A unilateral contract is unenforceable.

Question

Quizplus · Accepted Answer

A voidable contract is one where one party has the ability to avoid his or her obligation under the contract due to a defect, such as fraud or coercion, while a void contract is one that is legally unenforceable because it lacks an essential element. An executory contract is one that has not yet been fully performed, and a unilateral contract is one where only one party makes a promise and the other party performs to accept it, both of which can be enforceable if they meet the necessary requirements.

Which of the Following Is True Regarding Contract Validity