Which of the Following Is True About Void and Voidable

question 62

Multiple Choice

Which of the following is true about void and voidable contracts?

• A)A void contract is not a contract at all;a voidable contract can be terminated by one party.
• B)Both parties must agree to terminate a void or a voidable contract because otherwise there would be no privity.
• C)Either party can terminate the contract at any time.
• D)Both contracts are illegal.
• E)Both contracts must contain an illegal object.

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Definitions:

Bankruptcy Law

A legal framework governing the process through which individuals or entities unable to meet their financial obligations can seek relief from some or all of their debts.

Exemptions

Provisions that allow certain individuals, properties, incomes, or activities to be excluded from customary duties, taxes, or regulations.

Voluntary Petition

A legal document filed by an individual or entity declaring their intention to undergo bankruptcy proceedings under their own initiative.

Insurance Corporation

A company that offers insurance policies to the public, providing coverage for various types of risks.