A Voidable Contract Is Completely Enforceable Against All Parties Unless

question 5

True/False

A voidable contract is completely enforceable against all parties unless and until the party legally entitled to avoid it does so.

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Definitions:

Guarantees Payment

Refers to the assurance provided by one party to another that payment will be made according to the agreed terms and conditions.

Personally Liable

Being directly responsible for the fulfillment of an obligation or the compensation of a loss, often in a personal capacity rather than corporate.

Wrongful Acts

Actions that are illegal or immoral, causing harm or damage to others.

Limited Liability Company

A type of business structure where owners have limited personal liability for the debts and actions of the company.