Ask a question to Desklib · AI bot


Voidable Contract - Definition, Types, and Significance

3 Pages1227 Words386 Views

Added on  2019-09-21

About This Document

This article explains the concept of Voidable Contract, its definition, types, and significance. It also discusses the elements of a Voidable Contract and its effect. The article also covers the types of contracts based on validity, information, and execution. It is useful for students studying Human Behaviour in Organisation or any other relevant course.
BookmarkShareRelated Documents
Voidable Contract Introduction Contract is a legal agreement which binds the parties to act in such a manner that meets the predetermined objectives. Moreover, in order to make the contract legal and valid in the eyes of law then there should be free consent of both the parties. In the absence of free consent any contract becomes invalid in the court of law. Most importantly, court of law only admits the valid and legal contract. Person can knock the door of the court only if contract is legal and valid.Contract There is lot of confusion between the term contract and agreement. Some people consider both asa same but actually they are not the same. All contract are agreement but all agreement are not contract. Only valid agreement are contract. Contract is a verbal or might be written agreement between parties. In simple language contract can be defined as a legal agreement between two or more parties. Contract is a type of legal promise which is enforceable in the court of law. In contract one party made an offer to another party and another party accepts it. If in case another party did not accepted the offer made by the other party then it cannot be enforceable under court of law. Contract is a legally enforceable it isbecause its meets the essential requirements and approval of the law. Moreover, definition of a contract highlight that it is an agreement between two or more parties to do something. It is to notify that while making any contract or while entering into any contract both the parties should analyze the essential of valid contract. If parties found that some of the elements of valid contractis missing then they should try to resolve that particular issue by mutual consent in order to maketheir contract and agreement valid. Voidable Contract An agreement that is legitimate yet that can be pronounced invalid in line with one of the gatherings as a result of a deformity or illicitness in making it. For instance, on the off chance that one gathering made a false deception on which the other party depended in making the agreement, the agreement will be implemented against the distorting party yet the other party may look for alleviation by choosing for void the agreement. Voidable contract is a type of contract which is legal and valid. However, in case voidable contract only one party can exercise
Voidable Contract - Definition, Types, and Significance_1

Found this document preview useful?

Related Documents
Voidable Contract: Definition, Types, Elements and Significance

Assignment on Business Law Contract

Business Law

Introduction to Business Law Assignment

Principles of Contract Law in Australia

Requirements of Binding Contract Assignment