1. What is an option contract and when is it binding?
2. Who are persons incapable of giving consent?
3. What is lesion?
4. What is the Statute of Frauds?
1
Expert's answer
2021-03-19T12:57:58-0400
An option contract is an agreement between two parties to facilitate potential transaction involving an asset at a preset price and date. This agreement binds when the two parties clearly outline the responsibility of each, for example buyer giving the seller a deposit to secure the sale.
In a contract the following people cannot give consent; unemancipated minors, mentally unstable individuals, and deaf-mutes.
A lesion is an injury suffered in consequence of inequality of situation by on who does not receive a full equivalent for what he gives in a communicative contract.
Statute of Frauds is a legal concept that requires certain types of contracts to be executed in writing. It often applies in the sale of land, agreements involving goods worth over $500 and contracts lasting for a year or more.
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