Law
This query is : Resolved
15 September 2014
how to distinguish between void agreement and void contract?
15 September 2014
Difference is same which is between an Agreement and a Contract. Rest same.
Voidable Contract :
1. A voidable contract is a valid contract till it is rejected.
2. A voidable contract is not void ab-initio and its defects can be removed.
3. In a voidable contract a third party who buys goods in good faith and for consideration before the contract is rejected, acquires rights.
4. In a voidable contract, a person is entitled to compensation for loss arising due to non performance of the contract.
5. A collateral agreement to a voidable contract is not a void contract.
6. It may become a valid contract if the aggrieved party does not reject it within a reasonable time.
7. It is voidable because the consent of a party is not free.
Voidable Contract :
1. A voidable contract is a valid contract till it is rejected.
2. A voidable contract is not void ab-initio and its defects can be removed.
3. In a voidable contract a third party who buys goods in good faith and for consideration before the contract is rejected, acquires rights.
4. In a voidable contract, a person is entitled to compensation for loss arising due to non performance of the contract.
5. A collateral agreement to a voidable contract is not a void contract.
6. It may become a valid contract if the aggrieved party does not reject it within a reasonable time.
7. It is voidable because the consent of a party is not free.
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