In order for an agreement to be considered a valid contract, one party must make an offer and the other party must accept it.
There must be a bargained for exchange of promises, meaning that something of value must be given in return for a promise (called "consideration").
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If you are involved in a business agreement, one of the first things to determine is whether the promise or agreement at issue will be considered an enforceable contract under the law.
However, a compromise agreement will not be set aside on the ground of duress if the person alleging it can get relief from the courts[ii].
Coercion, fraud or duress must be proved by clear and convincing evidence[iii].
However, a compromise can be invalidated for fraud if one party deliberately conceals facts with the intent to induce the action of other party.
The duty of disclosure is more comprehensive when there is a fiduciary relationship between the parties to the compromise.
After reaching the age of majority (18 in most states), a person still has a reasonable period of time to cancel a contract entered into as a minor.Duress is defined as the imposition, oppression, undue influence or the taking advantage of the stress of another whereby one is deprived of the exercise of his/her free will.The party asserting duress must prove the allegation by clear and convincing evidence.In addition, the terms of a contract must be sufficiently defined for a court to enforce them.Enforcement and Contract Defenses If a court determines that a contract exists, it must decide whether that contract should be enforced.