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What is the difference between a void agreement and a voidable contract?
- a)A void agreement is not enforceable by law, while a voidable contract is enforceable at the option of one or more parties.
- b)A void agreement is enforceable at the option of one or more parties, while a voidable contract is not enforceable by law.
- c)A void agreement is a legally binding contract, while a voidable contract is a non-binding arrangement.
- d)A void agreement and a voidable contract have the same meaning and are interchangeable terms.
Correct answer is option 'A'. Can you explain this answer?
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What is the difference between a void agreement and a voidable contrac...
Void Agreement and Voidable Contract
A void agreement and a voidable contract are two different concepts in contract law. Let's understand the difference between them:
1. Void Agreement:
- A void agreement is a contract that is not enforceable by law right from its inception.
- It is considered as if it never existed and holds no legal validity.
- A void agreement does not create any rights or obligations for the parties involved.
- Such agreements lack essential elements required for a valid contract, like free consent, lawful consideration, legal object, etc.
- Examples of void agreements include agreements made by persons of unsound mind, agreements made under coercion or undue influence, agreements to commit illegal activities, agreements with unlawful objectives, etc.
2. Voidable Contract:
- A voidable contract, on the other hand, is a contract that is initially valid and enforceable, but one or more parties have the option to void or cancel it.
- It remains valid until the party with the power of avoidance exercises their right to cancel the contract.
- Voidable contracts are valid agreements, but due to some defect or flaw, they can be voided or treated as if they never existed.
- The party with the power of avoidance may choose to affirm the contract or rescind it, depending on their circumstances and interests.
- Examples of voidable contracts include contracts made by minors, contracts entered into under misrepresentation or fraud, contracts made under duress or undue influence, etc.
Difference between a Void Agreement and a Voidable Contract:
a) Enforcement:
- A void agreement is not enforceable by law, meaning it cannot be enforced or upheld in a court of law.
- In contrast, a voidable contract is initially enforceable, but it can be voided or cancelled at the option of one or more parties.
b) Legal Validity:
- A void agreement is considered as if it never existed and holds no legal validity from the beginning.
- A voidable contract, on the other hand, is initially valid and legally binding until it is voided or cancelled.
c) Creation of Rights and Obligations:
- A void agreement does not create any rights or obligations for the parties involved.
- A voidable contract creates rights and obligations for the parties until it is voided or cancelled.
In conclusion, the main difference between a void agreement and a voidable contract lies in their enforceability and legal validity. A void agreement is not enforceable by law and lacks legal validity, while a voidable contract is initially valid but can be cancelled or voided at the option of one or more parties involved.
A void agreement and a voidable contract are two different concepts in contract law. Let's understand the difference between them:
1. Void Agreement:
- A void agreement is a contract that is not enforceable by law right from its inception.
- It is considered as if it never existed and holds no legal validity.
- A void agreement does not create any rights or obligations for the parties involved.
- Such agreements lack essential elements required for a valid contract, like free consent, lawful consideration, legal object, etc.
- Examples of void agreements include agreements made by persons of unsound mind, agreements made under coercion or undue influence, agreements to commit illegal activities, agreements with unlawful objectives, etc.
2. Voidable Contract:
- A voidable contract, on the other hand, is a contract that is initially valid and enforceable, but one or more parties have the option to void or cancel it.
- It remains valid until the party with the power of avoidance exercises their right to cancel the contract.
- Voidable contracts are valid agreements, but due to some defect or flaw, they can be voided or treated as if they never existed.
- The party with the power of avoidance may choose to affirm the contract or rescind it, depending on their circumstances and interests.
- Examples of voidable contracts include contracts made by minors, contracts entered into under misrepresentation or fraud, contracts made under duress or undue influence, etc.
Difference between a Void Agreement and a Voidable Contract:
a) Enforcement:
- A void agreement is not enforceable by law, meaning it cannot be enforced or upheld in a court of law.
- In contrast, a voidable contract is initially enforceable, but it can be voided or cancelled at the option of one or more parties.
b) Legal Validity:
- A void agreement is considered as if it never existed and holds no legal validity from the beginning.
- A voidable contract, on the other hand, is initially valid and legally binding until it is voided or cancelled.
c) Creation of Rights and Obligations:
- A void agreement does not create any rights or obligations for the parties involved.
- A voidable contract creates rights and obligations for the parties until it is voided or cancelled.
In conclusion, the main difference between a void agreement and a voidable contract lies in their enforceability and legal validity. A void agreement is not enforceable by law and lacks legal validity, while a voidable contract is initially valid but can be cancelled or voided at the option of one or more parties involved.
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What is the difference between a void agreement and a voidable contrac...
A void agreement is an agreement that is not enforceable by law, meaning it has no legal effect from the beginning. On the other hand, a voidable contract is a contract that is initially valid and enforceable, but one or more parties have the option to choose whether or not to enforce it.Example: A enters into an agreement with B, but the agreement is against the law and therefore void. The agreement has no legal effect. However, if A enters into a contract with B and later discovers that B misled them, A may choose to void the contract and not enforce it.
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What is the difference between a void agreement and a voidable contract?a)A void agreement is not enforceable by law, while a voidable contract is enforceable at the option of one or more parties.b)A void agreement is enforceable at the option of one or more parties, while a voidable contract is not enforceable by law.c)A void agreement is a legally binding contract, while a voidable contract is a non-binding arrangement.d)A void agreement and a voidable contract have the same meaning and are interchangeable terms.Correct answer is option 'A'. Can you explain this answer?
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What is the difference between a void agreement and a voidable contract?a)A void agreement is not enforceable by law, while a voidable contract is enforceable at the option of one or more parties.b)A void agreement is enforceable at the option of one or more parties, while a voidable contract is not enforceable by law.c)A void agreement is a legally binding contract, while a voidable contract is a non-binding arrangement.d)A void agreement and a voidable contract have the same meaning and are interchangeable terms.Correct answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the difference between a void agreement and a voidable contract?a)A void agreement is not enforceable by law, while a voidable contract is enforceable at the option of one or more parties.b)A void agreement is enforceable at the option of one or more parties, while a voidable contract is not enforceable by law.c)A void agreement is a legally binding contract, while a voidable contract is a non-binding arrangement.d)A void agreement and a voidable contract have the same meaning and are interchangeable terms.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between a void agreement and a voidable contract?a)A void agreement is not enforceable by law, while a voidable contract is enforceable at the option of one or more parties.b)A void agreement is enforceable at the option of one or more parties, while a voidable contract is not enforceable by law.c)A void agreement is a legally binding contract, while a voidable contract is a non-binding arrangement.d)A void agreement and a voidable contract have the same meaning and are interchangeable terms.Correct answer is option 'A'. Can you explain this answer?.
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