Question
Identifay and differentiated valid ,void and voidable contract
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GPT 3.5
A valid contract is one that meets all the necessary legal requirements for a contract to be enforceable. This includes offer and acceptance, consideration, legal capacity, and legal purpose. A valid contract is legally binding and enforceable by law.
A void contract, on the other hand, is one that is missing one or more of the essential elements required for a contract to be valid. A void contract is not enforceable by law from the beginning and has no legal effect. Examples of void contracts include contracts entered into by minors or contracts that involve illegal activities.
A voidable contract is a contract that is initially valid and enforceable but can be voided by one of the parties involved due to certain circumstances. These circumstances may include fraud, undue influence, duress, or misrepresentation. If a contract is voidable, the party who is affected by these circumstances has the option to either affirm the contract or void it.
A void contract, on the other hand, is one that is missing one or more of the essential elements required for a contract to be valid. A void contract is not enforceable by law from the beginning and has no legal effect. Examples of void contracts include contracts entered into by minors or contracts that involve illegal activities.
A voidable contract is a contract that is initially valid and enforceable but can be voided by one of the parties involved due to certain circumstances. These circumstances may include fraud, undue influence, duress, or misrepresentation. If a contract is voidable, the party who is affected by these circumstances has the option to either affirm the contract or void it.
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