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–5–
A void contract is one that is destitute of legal effect, e. g., a wagering
contract for “differences” on a stock exchange, and is therefore, in
reality, no contract at all. From the usually accepted definition, it might
be inferred that a void contract is illegal, but whilst it is true that an illegal
contract, i. e., one which contravenes the law, whether common law or
statute law, is void, the latter term is much wider in its application, and
a contract may be void though not illegal.
An unenforceable contract is one that is not capable of proof,
e. g., where the necessary memorandum required by statute has not
been brought into existence, or where a contract in writing has not
been properly stamped (though this may be rectified on payment of a
fine to the revenue authorities), or where the remedy has been barred
by lapse of time. The contract itself may be perfectly valid, and may
be honourably carried out by the parties concerned; but in the event
of breach or repudiation the legal remedies to secure performance or
obtain damages are barred by reason of the absence of evidence or the
other circumstances which render the contract unenforceable.
CLASSIFICATION OF CONTRACTS
Contracts are divisible into three classes, i. e.:
(A) Contracts of record;
(B) Specialty contracts;
(C) Simple or parol contracts.
(A) Contracts of Record. A contract of record is the obligation
which is imposed by the entry of the proceedings in the parchment
rolls in a court of record. The principal classes of record which are
now found are (1) judgements and (2) recognizances.
1. Judgements. A judgement is an obligation imposed upon one
or more parties, in favour of another or others, by a court of record;
and it depends, for its binding force, not upon the consent of the
ðàãties, but upon the authority of the judicial representative of the
Sovereign delivering the judgement. A judgement is therefore an order
of the court, and since it is an obligation imposed upon a party, it is
not strictly a contract which rests upon agreement.
2. Recognizances. A recognizance is a contract made with the
Sovereign through her judicial representative. It is, generally, in the
nature of a promise to do some particular act or to answer to a penalty
stated in the recognizance, such as an undertaking by a person tried
upon a criminal charge to come up for judgement if called upon, or
A void contract is one that is destitute of legal effect, e. g., a wagering contract for “differences” on a stock exchange, and is therefore, in reality, no contract at all. From the usually accepted definition, it might be inferred that a void contract is illegal, but whilst it is true that an illegal contract, i. e., one which contravenes the law, whether common law or statute law, is void, the latter term is much wider in its application, and a contract may be void though not illegal. An unenforceable contract is one that is not capable of proof, e. g., where the necessary memorandum required by statute has not been brought into existence, or where a contract in writing has not been properly stamped (though this may be rectified on payment of a fine to the revenue authorities), or where the remedy has been barred by lapse of time. The contract itself may be perfectly valid, and may be honourably carried out by the parties concerned; but in the event of breach or repudiation the legal remedies to secure performance or obtain damages are barred by reason of the absence of evidence or the other circumstances which render the contract unenforceable. CLASSIFICATION OF CONTRACTS Contracts are divisible into three classes, i. e.: (A) Contracts of record; (B) Specialty contracts; (C) Simple or parol contracts. (A) Contracts of Record. A contract of record is the obligation which is imposed by the entry of the proceedings in the parchment rolls in a court of record. The princi pal classes of record which are now found are (1) judgements and (2) recognizances. 1. Judgements. A judgement is an obligation imposed upon one or more parties, in favour of another or others, by a court of record; and it depends, for its binding force, not upon the consent of the ðàãties, but upon the authority of the judicial representative of the Sovereign delivering the judgement. A judgement is therefore an order of the court, and since it is an obligation imposed upon a party, it is not strictly a contract which rests upon agreement. 2. Recognizances. A recognizance is a contract made with the Sovereign through her judicial representative. It is, generally, in the nature of a promise to do some particular act or to answer to a penalty stated in the recognizance, such as an undertaking by a person tried upon a criminal charge to come up for judgement if called upon, or –5–
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