Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Rescission, Non Est Factum, Clean Hands
14 Apr 2018
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Void vs voidable vs unenforceable: void contracts, do not exist, lack consensus, intent, legality, and consideration but does not need to lack capacity, voidable contracts, exist, but may be avoided by a party. If you want to rescind it, you must do it right away: valid but unenforceable contracts, exist, but cannot be enforced. Statute of frauds- says that some contract must be in writing and signed in order to be enforceable: required to be in writing to be enforceable. I. e. if i sell you land and you pay me money, and now you want to get out of that contract. The court will do nothing because it is not enforceable. In the situation that it has been performed, the courts will let the contract stand because it was valid: void contracts never come into existence, voidable do, but one party has the option of rescinding. Legality: purpose must be legal, cannot have a contract to murder someone.
