Question

Xpo Center Inc. and Festival Music LLC have an executory contract. They agree to rescind it and simultaneously enter into a new contract. If the previous contract was subject to a preexisting duty, the new contract will most likely be
a.invalid.b.valid.c.voidable.d.enforceable

Answer 1

An executory agreement exists between Festival Music LLC and Expo Center Inc. They consent to cancel it and sign a new agreement at the same time. The new contract will probably be invalid if the earlier one was subject to a preceding responsibility.

The promise may be prevented from contesting the legality of the contract if the promisee can prove that they properly relied on the promise. Under the law of fraud, agreements that are made in writing and include the signatures of all parties are regarded as valid.

The majority of nations have laws that forbid minors under the age of 18 from signing legally binding contracts. A minor who enters into a contractual contract has the legal right to choose whether or not to abide by its conditions. There are, however, a disproportionately large number of severe cases.

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