If what seems to be a valid contract turns out not to be, what is the contract?
frauldulent
defective
mistaken
deceptive
NO NEGATIVE ANSWERS
If you dont want to answer dont.
Answers:
defective
In that case, the parties will be restored to their previous situations because an invalid contract is no contract at all.
Could be any of the above.
A fraudulent contract is one where one party makes a material misstatement of fact that results in detrimental reliance by the other person. The contract may appear to be valid, but the fraud (if proven) makes it unenforceable.
Deceptive is a just a casual way to say fraudulent.
A valid contract may be defective in wording or format, or defective in failing to be signed, or defective because it violates substantive legal requirements -- something can appear to be valid and still be drafted incorrectly.
Mistake of fact and mistake of law are specific legal doctrines that affect whether a contract is valid, despite appearances. The nature of the mistake, and whether it is unilateral, bilateral or mutual, also matters.
Again, your textbook may pick one of those as the "right" answer. In the real world, any of them may be grounds for what appears (to some) to be a valid and enforceable contract really is not.
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