Are you in possession of the next great idea or invention?
Do you have a piece of equipment or technology that will set you apart from other competitors in your industry
Is it time for you to take steps to protect yourself and your intellectual property?Who Owns Copyright In Canada?
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Valid, Voidable and Void Contracts
What makes a contract voidable?
Voidable contracts have elements within the contract that are enforceable, therefore on their face, they appear to be valid. However, they also contain elements that make is possible for one or both parties to void the contract entirely. The contract is considered to be valid if the injured party opts not to take action and not render the contract void.
Reasons a contract may be voidable:
Failure of one or both parties to disclose a material fact,
Fraud,
Duress,
One party is legally incapacitated,
The contract contains unconscionable terms.
To enforce the voidable contract, one of the parties must exercise their right to render the contract void. But both parties have the right to enforce the contract. A void contract is different from a voidable contract because from the moment a void contract is created it cannot be fulfilled while a voidable contract can be performed and enforced as soon as the contractual defects are corrected.
What makes a contract void?
A void contract is a formal agreement that is illegitimate and cannot be enforced by law because it cannot be performed.
Reasons a contract may be void:
One party is contracted to do something impossible,
One party is contracted to do something illegal or against public policy,
The contract restricts an individual’s rights.
What makes a contract valid?
A valid contract creates a legal agreement between two parties. A valid contract contains an offer, acceptance and consideration as well as meeting of the minds and mental capacity, therefore parties are legally responsible for the performance of the contract. If one party breaches the contract, the other party may go to the courts in order to receive remedies. All elements of a valid contract are legal, enforceable and binding.
Elements of a valid contract:
Offer
Acceptance
Consideration
Meeting of the minds
Disclaimer
The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.
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