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Needed a Document for void and voidable concept?
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Definition of Void Contract
A void contract is a contract which is not enforceable in the court of law. At the time of formation of the contract, the contract is valid as it fulfills all the necessary conditions required to constitute a valid contract, i.e. free consent, capacity, consideration, a lawful object, etc. But due to a subsequent change in any law or impossibility of an act, which are beyond the imagination and control of the parties to the contract, the contract cannot be performed, and hence, it becomes void. Further, no party cannot sue the other party for the non-performance of the contract.
The contract becomes void due to the change in any law or any government policy for the time being in force in India. Along with that, the contracts which are opposed to public policy also ceases its enforceability. Contracts with incompetent persons are also declared void like minor, persons of unsound mind, alien enemy or convict, etc.
Definition of Voidable Contract
Voidable Contract is the contract which can be enforceable only at the option of one of the two parties to the contract. In this type of contract, one party is legally authorized to make a decision to perform or not to perform his part. The aggrieved party is independent to choose the action. The right may arise because the consent of the concerned party is influenced by coercion, undue influence, fraud or misrepresentation, etc.
The contract becomes valid until the aggrieved party does not cancel it. Moreover, the party aggrieved party has the right to claim damages from the other party.
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Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law
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Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law 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 Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law.
Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law 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 Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Needed a Document for void and voidable concept? Related: Definitions & Main provisions - Foreign Exchange Management Act(2000), Business Law.
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