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Form 982 Salt Lake City Utah: What You Should Know
The law states that voidable contracts. . . Or voidable obligations, are voidable contracts or obligations.” Voidable Contracts (Utah Code Ann § 70 N-18-1(3); (1), (4)) This includes agreements including, but are not necessarily limited to: leases In other words, contracts can be void, or legally unenforceable. Voidable instruments (Utah Code Ann § 70 N-1-4) The term “voidable instrument” is defined by Utah Code Ann § 3-6A-1.1. Voidable instruments: are not enforceable. A voidable instrument is also considered a voidable transaction. A voidable instrument is any contract or obligation, whether between parties of good faith, or as between a person and another. Voidable contracts (State statute) — Section 70 N-1 A voidable contract is one that requires the approval of the consumer to be valid or enforceable. Contracts with the following exceptions are also generally NOT voidable: a sale that occurs prior to consummation on one-half the face value at the time the agreement is signed and the agreement is entered into, or a contract or obligation under a government-insured agency or fund; a contract between a public utility and a customer; contracts concerning a sale, exchange, loan, or other modification of credit that are consummated within three (3) years of the date the underlying credit obligation arises; or a contract for a mortgage loan that does not result in foreclosure of the dwelling securing the loan. Example: A person gives a dealership an agreement regarding a trade-in car. The dealership accepts the agreement, signs it with the person, and offers the sale at a price of 5,000. Within four (4) days, the person cancels the sale before the trade-in occurs. The dealership cannot then proceed with the sale. The dealership would have no obligation to compensate or compensate to the person as a result of the cancellation of the sale. The person therefore cannot recover for the cancellation. If the trade-in automobile were to be found, repaired, and/or restored, however, the person could recover the loss by pursuing a claim under the law on title for unredeemed trade-ins.
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