A contract is an agreement which is enforceable at regulation. A contract is composed of two elements: (i) An agreement (ii) The agreement need to be enforceable at regulation
two. VOID Agreement:
According to sec two(g)
An agreement which is not enforceable at regulation is void contract.
The word void implies not binding in regulation. A contract which can not be enforced by possibly bash is void contract.
3. Attributes OF VOID Agreement:
Next are features of void contract
(I) NOT ENFORCEABLE BY Law:
A void contract is not enforceable by regulation.
(II) NO LEGAL RIGHTS:
A void contract generates no legal rights.
(Hi) NO OBLIGATION ON ANY Occasion:
It generates no obligation on any bash.
(IV) Character OF Agreement:
An agreement which is versus the community policy or versus any regulation is void.
(V) NO Compensation:
NO payment can be compensated to any bash.
4. Examples OF VOID Agreement:
(i) An agreement In restraint of marriage, (ii) An agreement to in restraint in trade.
five. VOIDABLE Agreement:
According to area two(i)
“An agreement which is enforceable by regulation at the solution of just one are additional of the functions there to but not at the solution of the other or other folks is a voidable Agreement.
6. Attributes OF VOIDABLE Agreement:
Next are features of voidable contract.
(I) ENFORCEABLE AT THE Choice OF A single Occasion:
It is enforceable at regulation at the solution of just one or additional functions.
(II) Ideal OF Compensation:
If the contract is revoked by a individual rightfully then he can also receive the payment.
(III) Stress OF Evidence:
The stress of evidence lies on the bash who promises that his consent has been received by coercion. Fraud and many others.
VOIDABLE AT THE Choice OF A single
The contract is voidable at the solution of the bash whose consent is brought on.
(V) Character OF Agreement:
A voidable contract is a legitimate contract till it is averted by the bash acquiring the proper to stay clear of it. When it is averted it will become void.
7. Scenarios OF VOIDABLE Agreement:
(i) Agreement by individual of unsound minded.
(ii) Agreement by undue affect.
(iii) Agreement by Fraud.
(iv) Agreement by coercion.
(v) Agreement by misrepresentation.
(vi) Agreement by insignificant.
8. Difference Concerning VOID AND VOIDABLE Agreement:
(I) AS TO ENFORCEABILITY:
(i) A void contract is not enforceable (ii) A voidable contract is enforceable at the solution of just one or additional functions.
(II) AS TO OBJECTION:
(i) Any bash can use the proper of objection in a void contract.
(ii) There is no bash who can item the contract.
(III) AS TO Compensation:
(i) In void contract payment can not be compensated, (ii) Compensation may be claimed in voidable, contract.
(IV) TIME Issue:
(i) A void agreement is void by itself in the commencing (ii) A voidable contract is legitimate into that time when it is averted.
(V) LEGAL Effect:
(i) A void contract has no legal result (ii) A voidable contract has legal result till it is averted.
(VI) COLLATERAL Agreement:
(i) A collateral agreement to void agreement is a void contract, (ii) A collateral agreement is a voidable contract is not a void contract.
To conclude I can say that contract is a lawfully binding agreement in between two or additional folks by which legal rights are acquired by just one or additional to act or for bear just one the aspect of other folks. A void contract is not enforceable at regulation. Whilst voidable a contract is enforceable at the solution of just one bash.