If a party voids a contract, then both parties are released from the obligations of the contract (Cheeseman, 2013, p. 186). If the party who has the option to void the contract decides to move forward with it, then the other party is legally obligated to perform the contract. In most, but not all, cases parties that are minors, insane, intoxicated, under duress, do not have contractual capacity and are legally able to disaffirm a contract (Cheeseman, 2013, p. 186). For instance, while Jamie was heavily intoxicated, he agreed to sell his car to Jamie for only $500 although it was valued at $5,000. After Jamie was sober, he realized what he had done and decided to end the contract due to his intoxicated state during the time of the agreement. Lastly, unenforceable contracts are contracts that are valid, but due to a defect, like the wrong medium are not enforceable (“Unenforceable,” n.d.). For instance, if a contract must be written, but is instead oral, it is unenforceable. However, parties can voluntarily perform the contract, despite it being unenforceable (Cheeseman, 2013, p.
If a party voids a contract, then both parties are released from the obligations of the contract (Cheeseman, 2013, p. 186). If the party who has the option to void the contract decides to move forward with it, then the other party is legally obligated to perform the contract. In most, but not all, cases parties that are minors, insane, intoxicated, under duress, do not have contractual capacity and are legally able to disaffirm a contract (Cheeseman, 2013, p. 186). For instance, while Jamie was heavily intoxicated, he agreed to sell his car to Jamie for only $500 although it was valued at $5,000. After Jamie was sober, he realized what he had done and decided to end the contract due to his intoxicated state during the time of the agreement. Lastly, unenforceable contracts are contracts that are valid, but due to a defect, like the wrong medium are not enforceable (“Unenforceable,” n.d.). For instance, if a contract must be written, but is instead oral, it is unenforceable. However, parties can voluntarily perform the contract, despite it being unenforceable (Cheeseman, 2013, p.