Which of the following is true of contracts?
A) A void contract is one where a party has the option to avoid his or her contractual liability.
B) A voidable contract is one in which a party has the option to nullify his or her obligation under the contract.
C) A voidable contract is one that has no legal effect because one of the essential elements is missing.
D) An executory contract is considered unenforceable.

Question

Quizplus · Accepted Answer

A voidable contract is one where a party has the option to nullify or cancel his or her obligation under the contract. It is different from a void contract, which has no legal effect because one or more of its essential elements are missing. An executory contract is one where one or both parties have not yet fully performed their obligations under the contract, and it is enforceable as long as both parties are willing to carry out their duties.

Which of the Following Is True of Contracts