Append below some basic understanding of the following terms:
A void agreement/contract is one
· Which is destitute of all legal effects. In the eyes of law such an agreement is no agreement at all from its very inception. · A void agreement does not create any legal rights and obligations. It confers no rights on either party. · It is void ab intito (ie void from the very beginning) and without any legal effect. · Examples are agreement with a minor, agreements without consideration, agreements which are in restraint of trade or marriage or of legal proceedings, wagering agreement.
A voidable agreement/contract is one
An illegal agreement/contract is one
|