Contract Act LLB 5 Years Difference between void and voidable contract

📌 Void contract: An agreement that is not enforceable by law.
📌 Reasons for void contract: Contract is illegal, declared unacceptable by courts, changes in law, or fully performed.
📌 Features of void contract: Not enforceable by law, no compensation, against public policy, no legal rights, no obligation on any party.
📌 Example of void contract: Contract based on an illegal act.
📌 Voidable contract: An agreement enforceable with the option of one party to cancel it.
📌 Reasons for voidable contract: Mistake in facts, undue influence, contract by a minor, misrepresentation and fraud, failure of performance within specified time.
📌 Features of voidable contract: Enforceable by law on one party's option, compensation may be paid, valid until avoided, provides legal rights, voidable at the option of one party.
📌 Examples of voidable contract: Agreement with a person of unsound mind, under undue influence, based on fraud or misrepresentation, with a minor.
📌 Difference between void and voidable contract: Enforceability, compensation, legal effect, objection, time factor.
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