Mike Donald Posted September 5, 2009 Share Posted September 5, 2009 Can any one please explain me what Unenforceable Contracts are & What does it Mean? Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted September 5, 2009 Share Posted September 5, 2009 (edited) At face value it means a contract when broken cannot result in recorse for the effected party. Ie like a gentlemans agreement only as good as the other persons word. Meaninf if they break the contract you cannot get compesation or make them honor whats in the contract. An unenforceable contract or transaction is one that is valid, but which the court will not enforce. Unenforceable is usually used in contradistinction to void (or void ab initio) and voidable. If the parties perform the agreement, it will be valid, but the court will not compel them if they do not. An example of a transaction which is an unenforceable contract is a contract for prostitution under English law. Prostitution is not actually a crime under English law, although both soliciting a prostitute and living off the earnings of a prostitute are criminal offences[citation needed] but so long as the contract is fully performed, it remains valid. However, if either refuses to complete the bargain (either the prostitute after being paid, or the payor after receiving the service) then the court will not assist the disappointed party. Similarly under English law, a gambling contract is valid, but unenforceable (gambling contracts are sometimes said to be "binding in honour only"). If a bookmaker refuses to pay out on a bet, then the punter has no legal recourse, not even for a return of his original stake. http://en.wikipedia.org/wiki/Unenforceable Edited September 5, 2009 by Fromage Frais Quote Link to comment Share on other sites More sharing options...
evanproperty Posted September 7, 2009 Share Posted September 7, 2009 If you have taken out a credit card with ANY lender - there is a high chance that the contract signed by you has fundamental flaws which could mean you do not have to pay back the balance owed. Any balance of usually up to £25,000.00 when you took out the product ( which can be higher now ) can simply be 'written off' by your lender for serving you with an unenforceable contract. You would receive a letter from your lender at the end of the litigation process confirming the contract is unenforceable. The financial products which we can check on the validity of the contracts are the following: * Mortgages * Car Finance * Credit Cards * Unsecured Loans * Secured Loans Hope this information is sufficient for you..If not you can get full info at property investment.. Good Luck!! Quote Link to comment Share on other sites More sharing options...
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