Void

A void contract or agreement is one that is legally invalid and unenforceable from its inception, as if it never existed. In commercial real estate, a contract may be void if it was entered into for an illegal purpose, lacks essential elements such as consideration or mutual consent, or involves a party without legal capacity.

Distinguishing a void contract from a voidable contract is important: a voidable contract is valid until one party elects to rescind it (e.g., due to fraud or misrepresentation), while a void contract cannot be enforced by either party under any circumstances. Void agreements provide no legal rights or obligations to either party.