Asked by Bushra Raisa on Jun 17, 2024
Verified
The law requires that to form a valid contract the agreement must be voluntary and knowing.
Valid Contract
An agreement between two or more parties that is enforceable by law, containing all necessary elements like offer, acceptance, consideration, and legality of purpose.
Voluntary
Pertains to actions or decisions made by an individual or entity based on their own will without external coercion.
Knowing
Possessing knowledge, awareness, or understanding, particularly in contexts where such awareness implies responsibility or acknowledgment of facts.
- Comprehend the notion of fraudulent misrepresentation and its consequences for the legitimacy of contracts.
- Acquire knowledge about the distinctions between fraud types, particularly fraud in the inducement, and how they influence contracts.
Verified Answer
MK
Milica KovacevicJun 18, 2024
Final Answer :
True
Explanation :
For a contract to be considered valid, it must be entered into voluntarily by all parties, with a clear understanding of the terms and conditions, indicating a knowing agreement to those terms.
Learning Objectives
- Comprehend the notion of fraudulent misrepresentation and its consequences for the legitimacy of contracts.
- Acquire knowledge about the distinctions between fraud types, particularly fraud in the inducement, and how they influence contracts.