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ALBEUS, Ronald A.

Rescissible Contracts Voidable Contracts Those which possess all essential requisites of a valid contract but one of the parties are incapable of giving consent. Unenforceable Contracts Those that cannot be enforced in court or sued upon by reason of certain defects provided by law until and unless they are ratified according to law.

BSA31KB2

Void/Inexistent Contracts

Definition

Contracts that are validly agreed upon because all the essential elements exist.

Those which, because of certain defects, generally produce no effect at all.

Binding Force

Valid and enforceable although subject to rescission by the court when there is economic damage or prejudice to one of the parties or to a third person. There is no defect at all but by reason of some external facts, its enforcement would cause injustice.

Valid and binding between parties unless annulled by a proper action in court. Once ratified, they become absolutely valid and can no longer be annulled.

Valid and unenforceable in court unless they are cured or ratified. Once ratified, these contracts may be enforceable.

Valid and binding unless avoided or declared void by a party to the contract who is legitimately exercising a power to avoid the contractual obligations.

As to Defects

Damage or injury to one of the parties or to a third person

Vitiation of consent or one of the parties is incapacitated

Without or in excess of authority, or does not comply with the Statute of Frauds, or both parties are incapacitated

Absolute lack either in fact or in law of one, some, or all essential requisites of a contract; prohibited by law; Assailable by party or third person who is directly affected No effect at all Cannot be ratified No prescription

Assailability by Third Party Effect Ratification Prescription

Assailable by party or by third person

Assailable by party only VALID until annulled May be ratified 4 years

Assailable by party only Cannot be enforced by court action May be ratified No prescription

VALID until rescinded Cannot be ratified 4 years from the date the contract was entered

Rescissible Contracts Remedy Rescission 1.Those entered into by guardians whenever the wards suffer lesion by more than of the value of the thing

Voidable Contracts Annulment; ratification 1. Those where one of the parties is incapable of giving consent

Unenforceable contracts Ratification 1.Those entered into in the name of another by one without, or acting in excess, of authority 2.Those who do not comply with the Statute of Frauds 3.Those where both parties are incapable of giving

Void/Inexistent Contracts Declaration of Absolute Nullity or Inexistence 1.Contracts whose cause, object or purpose is contrary to law, etc 2.Simulated/Fictitious 3.Those w/o cause or object 4.Contracts whose object is outside the commerce of men 5.Contracts which contemplate an impossible service 6.The intention of the parties relative the object cant be ascertained 7.Contracts expressly prohibited/declared void by the law

Kinds of contract

2.Those where 2.Representatives of the consent is absentees vitiated by Mistake, 3. Those undertaken Violence, in fraud of creditors Intimidation, when the latter cant Undue collect the dues. Influence, Fraud 4. Thing under litigation entered into without knowledge of it. 5.Contracts specially declared by law to be subject to ratification