What are the differences between a void contract and a voidable contract? Provide examples.
Which party or parties to a voidable contract have the right to disaffirm the contract? Can written agreements be modified orally? Explain why or why not.© BrainMass Inc. brainmass.com October 25, 2018, 6:25 am ad1c9bdddf
There are a misconception regarding void and voidable contracts. Some do not even see the differences between the legal terms. This posting clears up this issue.
A void contract is one which has no legal effect whatsoever owing to the fact that a transaction which is void is without any legal effect; it is a misuse of terms to call transaction a void contract. It may be called accurately a void transaction or a void agreement (Rahman, 2006).
Rahman (2006) stated this example: "A storekeeper agrees to purchase stolen goods. The thief has no recourse at law because the agreement to purchase the goods was void as it assisted a thief to get the benefit or his crime".
"If a contract can be rejected by one of the parties on legal grounds, it is called a voidable contract. A voidable contract is valid and binding unless the entitled party (the party who has legal grounds to reject the contract) voids it. A defect exists. The defect may be cured by ratification of the entitled party" (Contract Law, n.d.).
StasoSphere (2009) gives an example of a voidable contract: "A agrees to sell a $5,000 automobile to B, a minor (not yet 21 years of age). A is bound to furnish the automobile and cannot plead that B was not of age; B may refuse ...
The solution differentiates void from voidable contract. It also argued that oral agreements between parties are enforceable.
What is the difference between a void contract and a voidable contract?
What is the difference between a void contract and a voidable contract? Give examples. Which party or parties to a voidable contract have the right to disaffirm the contract and why has society chosen to protect certain classes of persons in this way? Use approximately 200 words to answer.View Full Posting Details