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Practically, a contract can be declared to be void by a court of law. [1] An agreement to carry out an illegal act is an example of a void agreement. For example, an agreement between drug dealers and buyers is a void agreement simply because the terms of the contract are illegal. In such a case, neither party can go to court to enforce the ...
The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible. Accordingly, courts will often read implied-in-fact or implied-in-law terms into the contract, placing duties on the promisor.
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Collateral Contracts (between the third party and one of the contracting parties) Trusts (the beneficiary of a trust may sue the trustee to carry out the contract) Land Law (restrictive covenants on land are imposed upon subsequent purchasers if the covenant benefits neighbouring land) Agency and the assignment of contractual rights are permitted.
The Constitution of Texas is the foremost source of state law. Legislation is enacted by the Texas Legislature, published in the General and Special Laws, and codified in the Texas Statutes. State agencies publish regulations (sometimes called administrative law) in the Texas Register, which are in turn codified in the Texas Administrative Code.
Other examples would be real estate contracts, lawyer contracts, etc. When a contract is entered into without the free consent of the party, it is considered a voidable contract. The definition of the act states that a voidable contract is enforceable by law at the option of one or more parties but not at option of the other parties.
In an accord contract it is typical (though not legally necessary) that the consideration supplied is less than bargained for in the original contract. Some accord contracts also substitute payment in cash for payment in kind (e.g. rather than paying a cash sum, the debtor gives the creditor something of value, such as a car, boat, real estate ...
The blue pencil doctrine is a legal concept in common law countries in which a court finds that portions of a contract are void or unenforceable, but other portions of the contract are enforceable. The blue pencil rule allows the legally valid enforceable provisions of the contract to stand despite the nullification of the legally void ...