Tasmin-A-Jahan Nijhum
6 hours ago
What is a void and voidable agreement?
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ChatGPT
6 hours ago
A void agreement is one that is not legally binding and has no legal effect from the outset. This could be due to the agreement being illegal, against public policy, or lacking essential elements required for a contract to be valid.
A voidable agreement, on the other hand, is a contract that is initially valid and enforceable, but one of the parties has the option to void or cancel the contract due to certain circumstances such as fraud, misrepresentation, coercion, or incapacity. The party with the option to void the contract can choose to either affirm the contract or terminate it.
A voidable agreement, on the other hand, is a contract that is initially valid and enforceable, but one of the parties has the option to void or cancel the contract due to certain circumstances such as fraud, misrepresentation, coercion, or incapacity. The party with the option to void the contract can choose to either affirm the contract or terminate it.
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Google Gemini AI
6 hours ago
Void Agreement
- An agreement that has no legal effect from its inception.
- It is not enforceable by either party, regardless of whether one party has performed their obligations.
- Grounds for voidness include:
- Legality: If the agreement is illegal or violates public policy.
- Capacity: If one or both parties lack the legal capacity to enter into a contract (e.g., minors, mentally incompetent individuals).
- Mistake: If there is a fundamental mistake about the subject matter or terms of the agreement.
- Fraud or Duress: If one party entered into the agreement under the influence of false information or coercion.
- Ambiguous or Incomplete: If the agreement is so unclear or incomplete that it cannot be legally enforced.
Voidable Agreement
- An agreement that is initially valid but can be canceled or rescinded by one or both parties due to certain specific circumstances.
- Grounds for voidability include:
- Misrepresentation: If one party made a false statement that induced the other party to enter into the agreement.
- Undue Influence: If one party exerted excessive pressure or influence over the other party to their disadvantage.
- Duress: If one party was threatened with harm or coerced into entering the agreement.
- Mistake: If there is a mistake about a material fact that significantly affects the value or purpose of the agreement.
- Breach of Condition: If one party fails to fulfill a condition that is essential to the agreement's validity.
Key Differences:
- Void agreements are invalid from the start, while voidable agreements are initially valid but can be canceled.
- Void agreements cannot be enforced, while voidable agreements can be enforced unless they are canceled.
- The grounds for voidness are narrower and more fundamental than the grounds for voidability.
- An agreement that has no legal effect from its inception.
- It is not enforceable by either party, regardless of whether one party has performed their obligations.
- Grounds for voidness include:
- Legality: If the agreement is illegal or violates public policy.
- Capacity: If one or both parties lack the legal capacity to enter into a contract (e.g., minors, mentally incompetent individuals).
- Mistake: If there is a fundamental mistake about the subject matter or terms of the agreement.
- Fraud or Duress: If one party entered into the agreement under the influence of false information or coercion.
- Ambiguous or Incomplete: If the agreement is so unclear or incomplete that it cannot be legally enforced.
Voidable Agreement
- An agreement that is initially valid but can be canceled or rescinded by one or both parties due to certain specific circumstances.
- Grounds for voidability include:
- Misrepresentation: If one party made a false statement that induced the other party to enter into the agreement.
- Undue Influence: If one party exerted excessive pressure or influence over the other party to their disadvantage.
- Duress: If one party was threatened with harm or coerced into entering the agreement.
- Mistake: If there is a mistake about a material fact that significantly affects the value or purpose of the agreement.
- Breach of Condition: If one party fails to fulfill a condition that is essential to the agreement's validity.
Key Differences:
- Void agreements are invalid from the start, while voidable agreements are initially valid but can be canceled.
- Void agreements cannot be enforced, while voidable agreements can be enforced unless they are canceled.
- The grounds for voidness are narrower and more fundamental than the grounds for voidability.
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