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In short, every contract is incomplete for a variety of reasons and limitations. The incompleteness of a contract also means that the protection it provides may be inadequate. [5] Even if a contract is incomplete, the legal validity of the contract cannot be denied, and an incomplete contract does not mean that it is unenforceable.
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, but both soliciting a prostitute and living off the earnings of a prostitute are criminal offences. [3] Yet so long as the contract is fully performed, it remains valid.
If for any reason any term or provision of this Agreement is held to be invalid or unenforceable to any extent, then (a) such term or provision will be interpreted, construed, or reformed to the extent reasonably required to render the same valid, enforceable, and consistent with the original intent underlying such provision; (b) such term or ...
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
A contract that may otherwise be unenforceable under the statute of frauds may become enforceable under the doctrine of part performance. If the party seeking enforcement of the contract has partially or fulfilled its duties under the contract without objection from the other party, the performing party may be able to use its performance to ...
Contract is Not Clear or Enforceable: If the contract terms are ambiguous, not agreed upon by all parties, or the contract is otherwise unenforceable, specific performance will not be granted. Speculative Purposes: If the purpose of enforcing the contract is speculative in nature, such as for anticipated profits from development or resale ...
Unconscionability (sometimes known as unconscionable dealing/conduct in Australia) is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience.
For a contract to be valid and enforceable in the Republic of Korea, the agreement between the parties must be based on "mutual consent". As in common law jurisdictions, the first element of a valid and enforceable contract is an offer. In Korea, as in much of the world, the offer must be a specific and detailed expression of the offer.