legal status

Seite 1

Valid

All 4 elements are required for there to be a contract

Void

Do not have all 4 elements of a contract

The contract was never formed

Voidable

have all elements of a contract but issue with one of the elements

gives the party a period of time to walk away from the contract. (ex adult makes contract with kids.

different from void because a contract was formed but one parties compacity is off

unenforcable

Valid/voidable contract but something happend to make it no longer enforceable