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Valid, void, voidable and unenforceable contracts

Please help me with these two questions

1. What is the difference between valid, void, voidable and unenforceable contracts?

2. What is the purpose of the Statute of Frauds in modern contract law? Do the areas covered by the statute need the protection afforded them?

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MEANING OF A CONTRACT

Contract law covers the legal implications of a contract. For instance, contract law determines what is and is not consideration, whether a contract was actually intended, if the parties making the contract were legally competent, whether there was fraud or duress involved, or how a contract is terminated.

A CONTRACT IS AN:

'an agreement that the law will enforce';

'a promise or set of promises that the courts will enforce'; or

'a legally enforceable agreement'.

All of these definitions stress the concepts of 'agreement' and 'enforceability'.

A contract is thus more than an agreement. Some agreements (e.g., social and domestic agreements or arrangements) will not be enforced in court.

When a party to a contract fails to carry out his or her obligations, the other party is entitled to enforce his or her rights for breach of contract in a court.

There is a useful formula for establishing the ...

Solution Summary

This explains the difference between valid, void, voidable and unenforceable contracts

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