Void agreements are contracts that are not enforceable by law, meaning that they do not create any legal rights or obligations for the parties involved. In simple terms, void agreements are considered null and void from the very beginning, and any legal consequences associated with them are nullified.
There are various types of void agreements, and it is important to be aware of these types so that one can avoid entering into such agreements. Below are some of the common types of void agreements.
1. Agreements made by minors: An agreement made by a person who has not yet reached the age of majority is considered void. Since minors do not have the legal capacity to enter into a contract, any agreement they enter into is automatically void.
2. Agreements made under coercion or undue influence: An agreement made under coercion or undue influence is also considered void. Coercion refers to using force or threats to make someone enter into an agreement, while undue influence refers to using one`s position of power to influence someone into entering into an agreement.
3. Agreements made under fraud: An agreement made under fraud is also void. Fraud refers to any misrepresentation or deception made by one party to induce the other party to enter into an agreement.
4. Agreements made with a person of unsound mind: An agreement made with a person of unsound mind is considered void. This is because a person who is of unsound mind does not have the capacity to understand the terms of the agreement.
5. Agreements that are against public policy: An agreement that is against public policy is also considered void. This means that any agreement that goes against the public interest, such as an agreement to commit a crime or an agreement to bribe a public official, is void.
In conclusion, it is essential to be cautious when entering into agreements to avoid entering into void agreements. Understanding the types of void agreements will help you identify and avoid such agreements. For any agreement to be legally enforceable, it must satisfy the requirements of a valid contract, which includes an offer, acceptance, consideration, competency of parties, and legal object.