We are drafting a hypothetical scenario. No sources needed.
This exercise is meant to assess your understanding of the difference between a valid contract, one that is not valid and finally, one that although valid, in that it satisfies the four contract requirements, in unenforceable in a court.
Remember, for a valid contract to exist, four requirements must be met: 1. Agreement; 2. Consideration; 3. Legality: and, 4. Capacity.
An otherwise valid contract may not be enforceable in court if it lacked genuine assent (due to mistake, fraud, coercion or duress) or proper form (for example, it needed to be in writing but was not). [Hint: Using a scenario in which a contract breach lawsuit is brought beyond the statute of limitations period is not a correct answer].
Post three (3) factual scenarios demonstrating that:
1. A valid contract has been entered into between two parties;
2. A valid contract has not been entered into between two parties;
3. A valid contract has been entered into between two parties but cannot be enforced by a court.
In addition, to obtain full credit, you must explain why your scenario describes each concept.
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