A Valid Contract May Be Unenforceable for Which Reason(s)

question 48

Multiple Choice

A valid contract may be unenforceable for which reason(s) ?

• A) Failure to satisfy the statute of frauds.
• B) Running of the statute of limitations.
• C) Both f ailure to satisfy the statute of frauds and r unning of the statute of limitations.
• D) A valid contract is always enforceable.

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Definitions:

Executory Contract

A contract under which both parties have not yet fully performed their contractual obligations.

Genuine Contracts

Contracts that are legally binding and enforceable, characterized by mutual assent, consideration, capacity, and legality.

Implied in Fact Contracts

Contracts arising from the conduct of the parties, indicating a mutual intention to contract, without explicit verbal agreement.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even though no actual agreement exists between the parties involved.