How is a void contract different from a voidable contract? Explain essential elements of a valid contract.
When an agreement is enforceable at law, it becomes a contract. Based on validity, there are several types of contract, i.e. valid contract, void contract, illegal contract, etc. Void contract and voiadable contract are quite commonly miscontrued, but they are different. Void Contract, implies a contract which lacks enforceability by law, whereas Voidable Contract, alludes to a contract wherein one party has the right to enforce or rescind the contract, i.e. the party has to right to put the contract to end.
Before entering into a contract, the parties must be aware of the types of contract, which may be helpful in understanding their rights and duties. So, take a read of this article, in which we have provided the fundamental differences between void contract and voidable contract.
Comparison Chart
| BASIS FOR COMPARISON | VOID CONTRACT | VOIDABLE CONTRACT |
|---|---|---|
| Meaning | The type of contract which cannot be enforceable is known as void contract. | The contract in which one of the two parties has the option to enforce or rescind it, is known as voidable contract. |
| Defined in | Section 2 (j) of the Indian Contract Act, 1872. | Section 2 (i) of the Indian Contract Act, 1872. |
| Nature | The contract is valid, but subsequently becomes invalid due to some reasons. | The contract is valid, until the party whose consent is not free, does not revokes it. |
| Reasons | Subsequent illegality or impossibility of any act which is to be performed in the future. | If the consent of the parties is not independent. |
| Rights to party | No | Yes, but only to the aggrieved party. |
| Suit for damages | Not given by any party to another party for the non-performance, but any benefit received by any party must be restored back. | Damages can be claimed by the aggrieved party. |
Definition of Void Contract
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