- Void Contract
A formal agreement that is illegitimate and unenforceable from the moment it is created. A void contract could be considered void for a number of reasons. Common causes of a void contract are contract terms that are illegal or become illegal due to changes in law; one party to the contract lacks the capacity to enter into a contract because he is a minor or mentally incapacitated; and it is legal but declared null by the courts because it violates a fundamental principle.
There is some overlap in the causes that can make a contract void and the causes that can make it voidable. The fundamental difference between these two types of contracts is that a void contract is not legally valid or enforceable at any point in its existence, while a voidable contract can be legal and enforceable depending on how the contract defect is handled.
Investment dictionary. Academic. 2012.
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void contract — ➔ contract1 * * * void contract UK US noun [C] LAW ► a contract that does not have legal force: »A void contract is not really a contract at all. → Compare VOIDABLE CONTRACT(Cf. ↑ … Financial and business terms
Void contract — A void contract, also known as a void agreement, is not actually a contract. A void contract cannot be enforced by law. Void contracts are different from voidable contracts, which are contracts that may be (but not necessarily will be)… … Wikipedia
void contract — An absolute nullity from the contractual aspect. The equivalent of no contract at all. Williston, Contracts 3d ed § 15; 17 Am J2d Contr § 7. A contract which cannot be validated by ratification or other act or omission. 17 Am J2d Contr § 7 … Ballentine's law dictionary
void contract — agreement which is lacking legal validity … English contemporary dictionary
contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… … Law dictionary
void — 1 / vȯid/ adj 1: of no force or effect under law a void marriage 2: voidable void·ness n void 2 vt: to make or declar … Law dictionary
void — Null; ineffectual; nugatory; having no legal force or binding effect; unable, in law, to support the purpose for which it was intended. Hardison v. Gledhill, 72 Ga.App. 432, 33 S.E.2d 921, 924. An instrument or transaction which is wholly… … Black's law dictionary
contract — I n. 1) to conclude, sign; negotiate; ratify a contract 2) to carry out, execute a contract 3) to draw up, write a contract 4) to assign (after bidding), let; award a contract 5) to abrogate, cancel, repudiate a contract 6) to breach, break,… … Combinatory dictionary
void — I. adjective Etymology: Middle English voyde, from Anglo French, from Vulgar Latin *vocitus, alteration of Latin vocivus, vacivus empty, from vacare to be empty Date: 14th century 1. a. not occupied ; vacant < a void bishopric > b. not inhabited … New Collegiate Dictionary
contract — a legally binding agreement between two or more parties. Glossary of Business Terms A legally enforceable agreement between two or more parties for performing, or refraining from performing, some specified act; e.g., delivering 5,000 bushels of… … Financial and business terms