1. What is an option contract and when is it binding?
2. Who are persons incapable of giving consent?
3. What is lesion?
4. What is the Statute of Frauds?
An option contract is an agreement between two parties to facilitate potential transaction involving an asset at a preset price and date. This agreement binds when the two parties clearly outline the responsibility of each, for example buyer giving the seller a deposit to secure the sale.
In a contract the following people cannot give consent; unemancipated minors, mentally unstable individuals, and deaf-mutes.
A lesion is an injury suffered in consequence of inequality of situation by on who does not receive a full equivalent for what he gives in a communicative contract.
Statute of Frauds is a legal concept that requires certain types of contracts to be executed in writing. It often applies in the sale of land, agreements involving goods worth over $500 and contracts lasting for a year or more.