Void and Voidable Contracts Assignment Help
When studying contract law, one has to study void and voidable contracts. A void contract is legally invalid and unenforceable. A voidable contract is a valid contract that can be canceled or terminated by one of the parties involved. The party with the right to cancel the contract is called the voidable party.
To ensure students understand the essential concepts related to void and voidable contracts, lecturers might assign students assignments on void and voidable contracts. The assignments might entail an essay, research paper, multiple choice questions, or textbook questions focussing on specific concepts of void and voidable contracts.
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Types Of Voids Contracts
There are four types of void contracts: void for want of consideration, void for illegality, void for lack of capacity, and void for fraud. A contract is void for want of consideration when one or both parties fail to perform their obligations under the contract. A contract is void for illegality when it is illegal to perform its obligations.
Elements Of A Voidable Contract
An element of a voidable contract is a party’s ability to choose to either enforce or disregard the contract. This ability can be based on factors such as whether one party was coerced into signing the contract or if the contract was signed under fraudulent circumstances. If one party can prove that another party had this ability and chose not to uphold their end of the bargain, they may be able to void the contract.
Expressly Void Agreements
According to our void and voidable contract assignment helpers, expressly void agreements are illegal or unenforceable under state or federal law. Typically, these agreements are void as a matter of public policy, meaning they are not legally binding because they would produce an unfair result or conflict with public interests. For example, an agreement to commit a crime would be expressly void, as would an agreement to sell someone’s organs for profit.
Void versus Voidable Contract
A void contract is a contract that never came into existence because of some defect in formation, such as one party not being competent to contract. For example, a minor cannot legally enter into a contract. On the other hand, a voidable contract is a valid contract that can be canceled by one of the parties if they can prove that they were somehow misled or coerced into signing it.