What is the difference between valid, void and voidable contract?
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valid means based on truth or reason and therefore acceptable and having legal force void means having no legal authority and therefore unacceptable voidable means it is possible to lose its legal force and to be made void
The terms void and voidable are frequently misunderstood and occasionally used synonymously. However, they truly mean various things, and if you don't understand them, it could later result in legal problems. While there are some parallels between void and voidable contracts, there are also significant variations that should be understood
Valid means having a basic in logic or fact and binding due to having been executed in compliance with the law Voidable means capable of being nullified due to underlying circumstances Void means null, or not valid, not binding.
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Start testThe term "VALID" is being supported by objective truth or generally accepted authority while the term "VOID CONTRACT" is invalid from the very beginning because it regards an illegal act and "VOIDABLE CONTRACT" becomes invalid when one of parties involved cancels it for legal reasons.
The term "VALID" is being supported by objective truth or generally accepted authority.
- JarrodTEFL qualified and teaching experience
Valid - is when something is most likely accurate. It's "valid". Void is where it's not an official contract. And voidable is one of the parties are in the wrong
Let start with VOID, this is not a contract and unnforceable. While VALID makes a contract legally binding and enforceable, on the other hand VOIDABLE has a twist to it, even though it's valid and enforceable it contains flaw/flaws that may make it VOID.
A valid contract refers to an agreement that has been concluded, satisfying all of the requirements for a valid contract. A void contract is a formal agreement that is effectively illegitimate and unenforceable from the moment it is created. Lastly a voidable agreement is a formal agreement between two parties that may be rendered unenforceable for any number of legal reasons
Void, valid, and voidable contracts are agreements that can briefly be described as follows: Void: Not an actual contract and is unenforceable. Valid: Legally binding and enforceable in a court of law. Voidable: Valid and enforceable but contains a flaw that may make it void.
Void : Not an actual contract Valid: It is a legal and binding contract even in the court of law Voidable: it can contain a flaw that can make it voidable
A void contract is an unenforceable contract because it is void ab initio. A valid contract is an enforceable contract which means it is legally binding and may be enforced in a court of law. A voidable contract is valid and enforceable but it contains a flaw which makes it unenforceable. Thus, the flaw needs to be ratified for it to become enforceable in a court of law.