A valid contract can legally be voided by either party.

Question

BlackTom AI · Accepted Answer

In evaluating the statement, we must consider how contract termination works in general.
Option 1: True. The claim that a valid contract can be voided by either party would imply that any one party can unilaterally render the contract unenforceable at will. This is not accurate in ordinary contract law, because once a contract is validly formed, unilateral voiding by one party is typically not permitted unless there is a legal basis (such as misrepresentation, duress, fraud, illegality, or a material breach by the other party) or an agreed-upon rescission clause. Without such grounds or mutual agreement, one party cannot simply void the contract on their own.
Option 2: False. This option aligns with the general principle that a contract requires either mutual rescission or a valid unilateral ground (like breach or other defenses) to terminate; otherwise, the contract remains binding. A party may seek remedies for breach or may mutually agree to rescind, but that does not constitute a blanket right for either party to void the contract unilaterally simply because it exists.
The core misconception in option 1 is treating contract termination as an automatic unilateral power, ignoring the role of consent, consideration, and legal defenses. The core nuance in option 2 is acknowledging that termination typically needs mutual agreement or a recognized legal reason; otherwise, enforcement continues. By distinguishing these points, the analysis shows why unilateral voiding by any party is not an across-the-board entitlement and why the statement is misleading.

LEGAL & REGULATORY ENVIRONMENT FIN 2050-04 (90533) FINAL EXAM

A valid contract can legally be voided by either party.

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