As a copy editor with SEO expertise, it is important to understand legal terms and definitions, especially when it comes to contracts and agreements. In this article, we will discuss the differences between void, voidable, and illegal agreements.
A void agreement is an agreement that has no legal binding effect whatsoever. In other words, these agreements lack legal enforceability and cannot be enforced by either party. A contract may be considered void for various reasons, including if it involves an unlawful act, has a mutual mistake of fact, or is against public policy.
Example: An agreement between two parties to commit a crime is considered a void agreement.
A voidable agreement is a contract that is initially binding and enforceable, but for some reason, one of the parties has the right to void the contract. The party that has the right to void the contract can choose to do so based on several reasons, including undue influence, fraud, coercion, or misrepresentation.
Example: If a party is coerced into signing a contract, they have the right to void the contract.
An illegal agreement is a contract that involves illegal activity or action. Such contracts can be considered void or unenforceable by the courts. An illegal agreement is not valid from its inception, and those who participate in it may face legal consequences.
Example: An agreement that involves drug trafficking or other unlawful activity is an illegal agreement.
It is important to understand the differences between void, voidable, and illegal agreements as they have different legal implications. Simply put, a void agreement is not binding from the start, while a voidable agreement is initially binding but can be voided by one of the parties. An illegal agreement, on the other hand, is not valid from the start and cannot be enforced by the courts. As a professional, understanding legal terms and definitions is fundamental in providing accurate and informative content.