Parties Feel Better About a Settlement When Negotiations Involve a Progression

question 73

True/False

Parties feel better about a settlement when negotiations involve a progression of concessions.

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Definitions:

Void Contract

A null agreement that lacks legal enforceability from its inception.

Voidable Contract

A contract that appears valid but may be legally declared void at the discretion of one of the parties due to factors like fraud, coercion, or incapacity.

Privity of Contract

A legal principle which holds that only parties to a contract can sue or be sued on that contract, highlighting the direct relationship involved.

Void Contract

A legal agreement that is invalid from the outset and has no legal effect, therefore cannot be enforced by law.