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§ 59.1-435. Definitions "Consumer product" means tangible personal property primarily used for personal, family, or household purposes. 7. Any other service that may be designated by the Board as provided in subsection B of § 59.1-438.
A void contract is considered a nullity and has no legal effect. A contract made in violation of a Virginia statute, for example, would be illegal and therefore void. For example, contracts for the payment of interest on a loan will be deemed void if the interest rate is unlawfully high.
In the area of law, for a contract to be legally enforceable, several requirements must be met, including an offer; acceptance of that offer; mutual understanding of the agreement; capacity to agree; an item or service; consideration in exchange for the item or service; and legality of the contract itself, including ...
In the area of law, for a contract to be legally enforceable, several requirements must be met, including an offer; acceptance of that offer; mutual understanding of the agreement; capacity to agree; an item or service; consideration in exchange for the item or service; and legality of the contract itself, including ...
(a) The parties in their agreement may choose the applicable law. However, the choice is not enforceable in a consumer contract to the extent it would vary a statute, administrative rule, or regulation that may not be varied by agreement under the law of Virginia.
Who can make contracts? In Virginia, you must be at least 18 years old to enter into a legally binding contract without parental consent. In this area of the law, someone who is younger than 18 is referred to as a ?minor.? Minors are not considered to be ?competent? to make a contract.
Sometimes individuals or even businesses agree to enter into a contract orally. These agreements are generally enforceable in Virginia as long as they contain the basic terms of a contract: offer, acceptance, and consideration.
In the context of contract law, the term ?capacity? denotes a person's ability to satisfy the elements required for someone to enter binding contracts. For example, capacity rules often require a person to have reached a minimum age and to be of sound mind.