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    Copy of LAW_ Defective Contracts

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    rosellerabilas

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    Copy of LAW_ Defective Contracts

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    5 views2 pages

    Copy of LAW_ Defective Contracts

    Uploaded by

    rosellerabilas

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    © All Rights Reserved
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    1.​ What are the kinds of defective contracts? Define each.

    a.​ Rescissible contracts are valid contracts during the time it was made, but this contract can be
    canceled, if one of the parties encountered vices of consent namely fraud, intimidation, undue
    influence or error. In this contract, the parties are allowed to go back to their original positions
    before the contract was made.
    b.​ Voidable contracts refer to contracts that remain valid and enforceable until one party makes
    the decision to void or nullify the contract. This choice to avoid signing the contract must be
    made by the party with legal capacity and some of the reasons might be such as
    misrepresentation, fraud, mistake or coercion. Once that contract is voided, it is no longer
    legally binding on the parties involved.
    c.​ Unenforceable contracts are the contracts that are not enforceable by a court of law due to
    the existence of some legal reasons. It might be because the contract is not in writing when it is
    required by law, or it is because the terms of the contract are not clear or are against public
    policy. Even if unenforceable contracts can be valid between the parties, they cannot be
    enforced in a court of law.
    d.​ Void or inexistent contracts are contracts that have no legal meeting of minds or both parties
    are not obliged to perform any duties since the contract never existed in the beginning. In short,
    this contract is illegal, no consideration, and it is against public policy.
    2.​ Define rescission.
    ​ Rescission is a legal means that enables a party to cancel or undo a contract. This can happen
    if one party breaches the contract or if there was a mistake, fraud, or undue influence involved in the
    contract formation. In simple terms, rescission takes both parties back to the position they had before
    the contract was made.
    3.​ What type of remedy is rescission?
    ​ Rescission is not a principal remedy, but instead it is only subsidiary which means that it can be
    availed of only if the injured party proves that he has no other legal means aside from rescinding the
    contract to obtain redness for the damages caused even if the contract is covered.
    4.​ What is the extent of rescission?
    ​ The extent of rescission cannot cover up the entire damages but instead cover the necessary
    damages caused which is to the extent of the creditor's unsatisfied credit.
    5.​ What are the instances that make a contract voidable or annullable?
    ●​ Legal incapacity to give consent, where one of the parties is incapable of giving consent to the
    contract.
    ●​ Violation of consent, where the vitiation is done by mistake, violence, intimidation, undue
    influence, or fraud.
    6.​ Define annulment?
    ​ Annulment is a contract when it is declared void and no longer legally binding. This can happen
    if the contract is found to be illegal, fraudulent, or entered into under duress. When a contract is
    annulled both parties are no longer obligated to fulfill the terms of the agreement.
    7.​ What is the concept of ratification?
    Ratification is the act of confirming or accepting an unauthorized act or contract that was made
    on one's behalf by another person.
    8.​ How is ratification made?
    ​ Ratification can be made through either an express or implied agreement by the party whose
    actions were initially unauthorized.
    9.​ What are the effects of ratification?
    ​ The effects of ratification makes the contract enforceable between the parties. Furthermore, it
    eliminates defects or flaws that may have arisen in the original contract. Ratification can be verbal or
    written, but it ought to be communicated effectively with the knowledge and consent of all parties.
    Essentially, ratification enables agreements to be valid and before the court of law.
    10.​When is a contract unenforceable?
    ●​ Those entered into in the name of another by one without, or acting in excess of, authority
    ●​ Those that do not comply with the Statute of Frauds
    ●​ Those where both parties are incapable of giving
    11.​When is a contract void or inexistent?
    ●​ Contracts whose cause, object or purpose is contrary to law
    ●​ Contracts which are absolutely simulated or fictitious
    ●​ Contracts without cause or object
    ●​ Contracts whose object is outside the commerce of men
    ●​ Contracts which contemplate in impossible service
    ●​ Contracts where the intention of the parties relative to the object be ascertained
    ●​ Contracts expressly prohibited or declared void by law

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