An Agreement That May Be Rejected by One of the Parties

question 37

Multiple Choice

An agreement that may be rejected by one of the parties for a legally acceptable reason is a(n) :

• A) implied contract.
• B) void contract.
• C) voidable contract.
• D) valid contract.

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Definitions:

Contract

A legally binding agreement between two or more parties, typically involving the exchange of goods, services, money, or promises.

Duty

A moral or legal obligation; a responsibility that one is required to perform in a social, legal, or professional context.

Performance

The execution of duties or actions stipulated by a contract.

Third Party

An entity involved in a transaction or legal situation who is neither the first (often the buyer or claimant) nor the second (often the seller or defendant) principal party.