Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Unconscionability, Torte, Dont

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

3 types of unenforceable contracts: void contracts: do not exist. Illegal or lacks consent: voidable contracts: exist, but may be avoided, lacks capacity- means it can be avoided by one of the parties. This is a contract where one party lacks capacity, and it is voidable by the part who lacks capacity. This is called recision, where you put the parties back where they were before: valid but unenforceable contracts: exist, but cannot be enforced, certain contracts are required to be in writing to be enforceable. If i say i will buy your house and the other says i accept then we have a verbal contract, but it is voidable, because according to the statute of frauds, it must be in writing. But, if this contract went through, i get the house and pay, then the other person cannot take me to court, because the contract has been completed. We have self enforced it, so this is the difference.