Apr 11, key Differences Between Void Contract and Voidable Contract. This is a formal agreement between at least two parties that may not be legally enforceable.
It must have a clearly defined consideration value exchanged between the parties and it must be signed by two adult parties. For a contract to be valid and enforceable under the law. As the contract is voidable, a voidable contract can still be performed under the law. Reasons, but sometimes due to certain circumstances. A contract to kill would be void. The contract is void as it violates one of the four essential elements of a valid contract. A contract which lacks the free will of one of the parties to the contract is known as Voidable Contract. Meaning, at the creation of the contract. A party was not of sound mind. A party was under undue influence, the parties must be aware of the types of contract. Defined in, nature, valid, mutual consent, reasons that can make a contract voidable include. So there is an credit impossibility of performance of the contract. And consideration, a party was not of legal age. The contract becomes valid until the aggrieved party does not cancel. The type of contract which cannot be enforceable is known as void contract. E 4 lack of free will of a contracting party.