Nuovo appuntamento con “Peter’s Pills“, la rubrica online di Legal English by Federnotizie (la rivista online di Federnotai), in collaborazione con Confprofessioni e Beprof. La 57esima video-lezione “Valid, void and voidable contracts” è disponibile sul sito www.federnotizie.it, sui canali social e sul sito di Confprofessioni e sulla app Beprof, scaricabile da App Store e Google Play.
LESSON N. 57: CLICCA QUI PER IL VIDEO
Transcript:
Hello!
Today we look at valid, void and voidable contracts.
Valid Contracts: A valid contract is a legally binding agreement that meets all the necessary requirements. It must have an offer, acceptance, consideration, intention to create legal relations, and free consent – these are the essential elements of a contract. A valid contract can be enforced through legal remedies if either party fails to fulfil their obligations.
Void Contracts: A void contract is considered completely unenforceable from the beginning. It has no legal effect. A contract can be void if it violates the law or public policy or if it lacks essential elements required for validity. Examples include contracts for illegal activities or involving parties lacking legal capacity. In such cases, the contract is null and void, and neither party can seek enforcement or remedies from the court.
Voidable Contracts: A voidable contract is initially valid, but certain defects or circumstances give one or both parties the option to enforce or void the contract. The party with the power to void the contract can cancel it, making it unenforceable. Common scenarios for voidable contracts include misrepresentation, fraud, undue influence, duress, or a mistake made by one party. If the affected party chooses to affirm the contract despite the defect, it remains valid and enforceable.
Thank you, and see you next time for more Peter’s Pills to improve your legal English.
Read more about valid, void and voidable contacts here: “Beyond a Definition: Understanding the Nature of Void and Voidable Contracts“.