Voidable contract

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UK LAW
Contract Law

A contract is void if it is worthless, that is, not really a contract at all see: Contract. Some contracts made by minors, for example, are automatically void. Contracts may be declared void on the basis that they oblige the contracting parties to commit illegal acts. Damages cannot be claimed by a party injured by attempting to comply with a void contract. For example, if I contract to pay someone to shoot a TV game show host, and the would-be murderer decides to take the money and run without satisfying his part of the deal, then the courts will not assist me to recover the money. The illegality need not be as serious as murder for this to be the case. Some contracts may not be strictly void, but can be declared void (see: Voidable contract). The distinction is important because when goods are exchanged under a voidable contract, title is passed. With a void contract no title passes, because effectively the contract never existed.


From Wikipedia

A voidable contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which time the contract is void.

For example, depending upon jurisdiction, a minor has the right to repudiate certain contracts. Any contract with a minor is thus a voidable contract. If a minor were to enter into a contract with an adult, the adult would be bound by the contract, whereas the minor could choose to avoid performing the contract. Therefore, when entering into contracts with a minor, people often require the cosignature of an adult, preferably a parent or legal guardian.