Week 5 - Void and Voidable Contracts

Question 1

What is a voidable contract?

Answer 1

A contract where the injured party has the option to affirm the contract (continue and bring about an enforceable contract) or avoid the contract (terminate it)

Question 2

What is a void contract?

Answer 2

A contract that has fallen down for not having one of the legal elements. A void contract has no legal affect and does not place obligations on the parties