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Case Scenario: Graphic Communications Inc. Essay

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Below is an essay on "Case Scenario: Graphic Communications Inc." from Anti Essays, your source for research papers, essays, and term paper examples.

A contract that is void means technically that there never was a contract. There are few times when this remedy is available including if there was a mistake, the contract was entered into under duress, or that the contract was never properly formed. For example, a contract between drug dealers and buyers is a void contract simply because the terms of the contract are illegal. In such a case, neither party can go to court to enforce the contract.

A contract that is 'voidable' is when there has been a misrepresentation or a mistake that allows the innocent party to decide whether the contract will be affirmed, or 'rescinded'. Rescinding a contract has the same effect as if it were void (puts the parties back to where they were as if the contract had never been formed), but the key differences are that it is a choice whether to rescind or affirm and then sue for damages for expectation. Also, rescission is not available in some particular situations: where there are third parties involved, when the contract has already been affirmed, when it is impossible to put the parties back to where they were before the contract was formed, or where the rescission was not done in a reasonable time. An example of a transaction which is an unenforceable contract is a contract for prostitution under English law. Prostitution is not actually a crime under English law, although both soliciting a prostitute and living off the earnings of a prostitute are criminal offences but so long as the contract is fully performed, it remains valid. However, if either refuses to complete the bargain (either the prostitute after being paid, or the payor after receiving the service) then the court will not assist the disappointed party.

If the contract is valid and may be enforceable against the other party, none of the parties can disaffirm the contract. A contract may only be terminated/discontinued upon the expiry of the term of the contract (some of the terms may have wordings like, 'this...

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"Case Scenario: Graphic Communications Inc.". Anti Essays. 21 Nov. 2017

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Case Scenario: Graphic Communications Inc.. Anti Essays. Retrieved November 21, 2017, from the World Wide Web: http://www.antiessays.com/free-essays/Case-Scenario-Graphic-Communications-Inc-555301.html