Jump to:
What is void?
What is the difference between void and voidable?

What is void?

Void is a legal classification. To say that a contract is void means that it does not fulfill the requirements of a valid contract, it is not legally binding or enforceable.
A contract that is void in one that is missing any one of the essential elements that make a contract binding. (see Valid)

What is the difference between void and voidable?

A void contract starts out as not valid. For example, a contract made for a purpose that is not legal is a void contract.
A voidable contract is a valid contract that contains provisions, or contingencies. Most sales contracts are voidable because they include contingencies, which allow each party the option to exit the contract if the conditions are not met.

You might also be interested in:

What is an obligor?
What is an operating deficit?
What is annuity?

Search other terms

A
B
C
D

E
F
G
H

I
J
K
L

M
N
O
P

Q
R
S
T

U
V
W
X

Y
Z

Popular terms

Amortization

Equity

Notary Public

Progression/Regression

Acquisition

Annuity

Asset

Fiduciary

Inflation

Contingency

Escrow

Power of attorney

Real Estate Agent

Eminent Domain

Liability

Statute of Limitations

Valid

Variance

Contiguous

Deficit