Agreements are written contracts established with specific vendors for the purchase of specified products or services within a designated period of time. These include price schedules, departmental blanket open orders, and fixed-price agreements. More detailed information regarding agreements can be found on the Contracting Services website.
There are several reasons the legality of a contract may be in question. The first is if the contract violates a statute. Contracts that are contrary to statute are considered void.Usury contracts contrary to statute are formed when a contract exists that charges interest rates above the rate that State or local laws permit.Nearly every State has distinct usury laws. In some states a usurious loan is automatically void.here are several reasons the legality of a contract may be in question. The first is if the contract violates a statute. Contracts that are contrary to statute are considered void.
Often, people confused fraudulent inducement with fraud in the factum. Fraud in the factum is a legal cause of action based on a different type of contract issue. It occurs when one party deceives the other about the factual contents of the agreement. For example, it is fraud in the factum if a person says that the contract deals with the sale of land, but it actually is about jewelry. Fraudulent inducement is about circumstances surrounding the contract formation. The focus is about why the innocent party to entered into the agreement.