Voidable contract
Encyclopedia
A voidable contract, unlike a void contract
, is a valid contract
. At most, one party to the contract is bound
. The unbound party may repudiate the contract, at which time the contract is void
.
Void contract
A void contract, also known as a void agreement, is not actually a contract. A void contract cannot be enforced by law. Void contracts are different from voidable contracts, which are contracts that may be nullified....
, is a valid contract
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
. At most, one party to the contract is bound
Bound
Bound may refer to:*Upper and lower bounds, observed limits of mathematical functions*Terms or bounds, segments of each astrological sign that are said to have different ruling planets*Bound state, in physics*Bounds checking, in computer programming...
. The unbound party may repudiate the contract, at which time the contract is void
Void (law)
In law, void means of no legal effect. An action, document or transaction which is void is of no legal effect whatsoever: an absolute nullity - the law treats it as if it had never existed or happened....
.
- See also:
- voidableVoidableIn law, a transaction or action which is voidable is valid, but may be annulled by one of the parties to the transaction. Voidable is usually used in distinction to void ab initio and unenforceable....
generally - void contractVoid contractA void contract, also known as a void agreement, is not actually a contract. A void contract cannot be enforced by law. Void contracts are different from voidable contracts, which are contracts that may be nullified....
- unenforceableUnenforceableAn unenforceable contract or transaction is one that is valid, but which the court will not enforce. Unenforceable is usually used in contradistinction to void and voidable...
- voidable