Firma Nula Con airSlate SignNow

Void countersign request

today we are going to talk about what makes a contract valid void or voidable let's start with a valid contract the valid contract is one that meets the basic elements of contract law for example you sign to buy a blue house the house is blue the contract is valid easy-peasy next let's discuss a voidable contract so let's take that blue house you sign to get a blue house and you're very excited about your blue house but when you show up lo and behold the house is a hideous color of green oh no now what do you do well you have the option to rescind out of the contract because you agreed for blue house the house is now green but this is not void this is what a bowl because you may like that color green and may be your thing so you have the option to follow through with that contract contracts that have fraud or misrepresentation are also voidable also contracts that are signed under duress for example if somebody's holding a gun to your head saying sign this contract buy this house sign this contract that contract is not void it is voidable now you may be thinking how is that not void there's a gun to your head well the fact is even though there's a gun to your head you may still want that house so just because there is a gun to your head should that take away your opportunity to buy the house know what the gun being held your head does is it gives you the right to rescind that is why that contract is voidable and not void the contract that is void lacks one of the four essentials of a contract which are mutual consent lawful object consideration and capable parties on your exam they may ask you what is the status of the contract if one of the parties is deemed mentally incompetent well the answer there would be void because it would violate the essential element of capable parties till next time good luck on your exam you