Understanding Contract Vocabulary

The video tutorial discusses the enforceability of contracts, explaining that a contract is enforceable when it can be upheld in court. It distinguishes between enforceable and valid contracts, noting that a contract can be valid but unenforceable if it lacks certain requirements, such as being in writing. The tutorial also defines void contracts, which are never valid, and voidable contracts, which can be invalidated by one or both parties. Understanding these terms is crucial for comprehending contract law.

What makes a contract unenforceable even if it is valid?

• Lack of consideration

• Absence of offer

• Mutual agreement

• Not being in writing

In the context of contracts, what does enforceability mean?

• The contract is automatically void

• The contract is valid only if notarized

• The contract can be taken to court for enforcement

• The contract can be modified by either party

Which of the following is NOT a requirement for a valid contract?

• Offer and acceptance

• Mutual consent

• Consideration

• Judicial approval

Which of the following is true about a void contract?

• It can be enforced if both parties agree

• It is valid from inception

• It is never valid at any point

• It becomes valid if the missing element is added

What is a key characteristic of a voidable contract?

• It is never valid

• It requires judicial approval to be valid

• It can be voided by one or both parties

• It is always enforceable