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Contracts - Coggle Diagram
Contracts
VOIDABLE AND UNENFORCEABLE CONTRACTS
VOIDABLE
an option for the parties to enforce the terms even though an element is missing, or some other issue exists with the terms
one of the parties is legally bound to honor the contract
UNENFORCEABLE
simply unenforceable
the contract terms are too confusing, unclear or lack several elements.
GUARANTEES
frequently offers the buyer certain rights
does not affect the buyer's right to sue the retailer under the Sale of Goods Act
VALID AND VOID CONTRACTS
VOID CONTRACTS
missing an element
contract does not have to be terminated in court
VALID
a written or expressed agreement between two parties to provide a product or service.
both parties agree
to something
back the promise up with money or something of value
are in sound mind and intend to carry out their promise
promise to do is within the law