AGREEMENT EXPRESSLY DECLARED AS VOID
- 1. AGREEMENT EXPRESSLY DECLARED AS VOID PRESENTED BY : KHUSHI GOYAL
- 2. 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 .
- 3. z WHAT IS VOID 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 .
- 4. z AGREEMENTS WHICH ARE VOID 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.
- 5. z AGREEMENTS DECLARED VOID UNDER THE 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
- 6. z AGREEMENTS IN RESTRAINT 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.
- 7. z AGREEMENTS IN RESTRAINT OF 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.
- 8. z AGREEMENTS INVOLVING UNCERTAINITY According to 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.
- 9. z WAGERING AGREEMENTS According to 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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