Void: The contract is legally invalid on its face because it lacks something - like no signature by the party to be charged, no consideration, etc. Voidable: The contract is legally valid on its face, but can be voided by one of the parties at any time. Usually, it is voidable because one of the parties is a minor (minors can make contracts but can reneg on the contract at any time they choose), or one of the parties was incompetent when the contract was agreed to, etc... Void is there never was an enforceable contract. For example, a contract for murder for hire is void, but it is for an illegal act. No one can sue in court and have it enforced by a judge.Void is there never was an enforceable contract. For example, a contract for murder for hire is void, but it is for an illegal act. No one can sue in court and have it enforced by a judge. Voidable is a valid contract, but one of the parties has the right to cancel it. For example, a contract made by a minor can be cancelled by the minor.
Posted on: Sun, 28 Jul 2013 11:17:49 +0000
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