A contract can be enforceable or unenforceable. An enforceable contract is one for which a legal remedy is offered in the event that the contract is not performed. A contract may not be enforceable when certain legal requirements have not been met. For example, an oral contract to purchase land would not apply because the Fraud Statute requires that such an agreement be made in writing.
Similarly, statute of limitations, which limit the time available for legal action, can apply to contracts of certain types and make them unenforceable after a certain period of time. If a court finds a contract to be excessive, it has other options besides annulling the agreement altogether. If fraud or misrepresentation occurred during the negotiation process, any resulting contract is likely to be considered unenforceable. A valid contract definition would include all contracts that are not void, voidable, or unenforceable.
It's critical that your contract management strategy includes methods and procedures to avoid creating contracts that can't be enforced because an important element is missing or not properly reviewed. The affected party can decide to exit the contract without incurring a breach of contract or continue with it if desired. Whether you are drafting the original contract offer or drafting another version to submit a counteroffer, you need to be as clear as possible. The Laches Doctrine can sometimes void a contract if a defendant can prove that a delay by an opposing party in filing a lawsuit has caused him to be in a worse position because of the delay than he would have been if the party had performed the contract in a timely manner.
The idea behind this is that a minor does not have the legal capacity to understand the terms of a contract and the responsibilities that accompany it. A party accepting an offer must be aware of the offer, intend to accept it, and accept the terms of the contract. For example, if a minor has entered into a contract with a company, he can choose to terminate the contract without penalty if he so wishes. It is important that all contracts have the necessary elements so that they can be confirmed in a court of law.
If person B forced person A to enter into an agreement taking advantage of a special or particularly persuasive relationship that person B had with person A, the resulting contract could be declared unenforceable on grounds of undue influence. They can choose to go ahead with the agreement if they wish, but they can also exit the contract at any time without breaching it. It's never a bad idea to revisit your contract to make sure you won't find the possibility of it being annulled. The key difference between a void and voidable contract is when the agreement is considered void.
