Check Your Understanding Answers
- In terms of validity and enforceability, a court may construe the legal status of a contract in one of four ways. What are the four ways?
Valid, valid but enforceable, void, voidable
- Real estate contracts aren’t enforceable unless the parties have exchanged something of value. This value is called what?
Consideration
- A voidable contract is one which initially appears to be valid, but is subject to what?
Cancellation by a party to the contract who is believed to have acted under some kind of disability
- Explain the Doctrine of Laches.
The Doctrine of Laches states that a court has determined a contract is unenforceable due to needless delay or neglect in filing a claim even though the Statute of Limitations may not have expired.
