AGREEMENT EXPRESSLY DECLARED AS VOID

AGREEMENT EXPRESSLY DECLARED AS VOID

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  AGREEMENT EXPRESSLY DECLAREDAS VOID PRESENTED BY : KHUSHI GOYAL
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  z LEARNING OBJECTIVES WHAT IS VOID AGREEMENT?  AGREEMENTS WHICH ARE VOID UNDER THE PROVISIONS OF LAW .  AGREEMENTS DECLARED AS VOID UNDER THE INDIAN CONTRACT ACT .
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  z WHAT ISVOID AGREEMENT?  A void agreement is an agreement that cannot be enforced by law.  Not being enforceable by law implies that the agreement violates the provision of law and such cannot be defended by law .
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  z AGREEMENTS WHICH AREVOID UNDER THE PROVISIONS OF LAW  Agreements which are void under the provisions of law include:  An agreement which is made by the party who is not competent to make an agreement. For example – minor or unsound person.  An agreement made by the mistakes of parties.  An agreement which has no consideration , with some exceptions.  An agreement where the consideration or object of the agreement is illegal or unlawful.
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  z AGREEMENTS DECLARED VOID UNDERTHE INDIAN CONTRACT ACT  There are some agreements that are declared void under the Indian Contract Act :  Agreements in restraint of marriage  Agreements in restraint of trade  Agreements in restraint of legal proceedings  Agreements involving uncertainty  Wagering agreements
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  z AGREEMENTS INRESTRAINT OF MARRIAGE  Restraint in marriage means stopping a person from getting married. It means limiting a person's right to get married.  Section 26 of this act states that every agreement in restraint of marriage of any person other than minor is void.
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  z AGREEMENTS IN RESTRAINTOF TRADE  According to section 27 of the Indian Contract Act , ''every agreement by which anyone is stopped or restrained from exercising lawful profession , trade of business, is void ''.  An individual can engage in any trade of his choice ,any agreement that stops him from doing this will be void.
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  z AGREEMENTS INVOLVING UNCERTAINITY  Accordingto section 29 of the Indian Contract Act ,'' any agreement which involves uncertainty is void ''.  It is normal that an agreement clearly defines the rights and responsibilities of the parties .  If such responsibilities are not clear and clarified then such agreement will be void. For example : if A makes an agreement to sell 100 tons of oil to B and does not clarify that what kind of oil A has agreed to sell. The agreement is void.
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  z WAGERING AGREEMENTS  Accordingto section 30 of the Indian Contract Act , a wager is an agreement between two parties by which one promises to pay a specified amount of money to other person on happening of an event.  Wager agreement is basically bet between two persons on happening of an uncertain event.
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