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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.
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