Let us understand the void contract and the voidable contract.
Void contract means an agreement which is not enforceable by law.
This contract has no obligation/right/accrues to contract the void contract and also has no legal ability.
A contract can become void contract due to the following −
Initially, the contract is valid, but due to some reasons, it becomes invalid subsequently.
In the absence of any elements in a valid contract, then the agreement becomes void.
No compensation is given in this contract.
In void contracts, collateral transactions may become illegal.
Benefits for the damages are not entertained between parties, if anything is received related to damages they are restored back.
The voidable contract means an agreement which is enforceable by law.
In this voidable contract, any one of two parties has an option to enforce.
The contract can be cancelled, if the contract has the following defects −
Contract is valid till the party does not revoke. The contract is voidable, if the consent of any one party is not free.
In this contract, it is entitled to damages.
Collateral transactions cannot affect the contract.
Benefits for damages are claimed by the aggrieved party.