Agreements which are declared to be void are those that are considered null and void from the moment they are formed. These types of agreements are unenforceable by law, and they are not legally binding on the parties involved.
There are various reasons why an agreement may be declared void. Some of the common reasons include the following:
1. Agreement with unlawful consideration: If an agreement involves an unlawful consideration or object, it is considered void under the law. For instance, an agreement to commit a crime or engage in an illegal activity is void.
2. Agreement with a minor: An agreement with a person who is not yet of legal age is void. This is because minors are not considered competent to enter into a binding agreement.
3. Agreement with a person of unsound mind: An agreement with a person who is not of sound mind is void. This is because such an individual is not capable of understanding the terms and conditions of the agreement.
4. Agreement based on fraud or misrepresentation: If one party to an agreement has been induced to enter into the agreement by fraud or misrepresentation, the agreement may be declared void.
Agreements that are declared void are not enforceable by law. This means that if one of the parties breaches the agreement, the other party cannot seek legal remedies in court. Additionally, any consideration exchanged as part of the agreement must be returned to the respective parties.
It is important to note that an agreement that is initially voidable may become valid if the aggrieved party ratifies it. Ratification means the aggrieved party accepts the agreement and waives the right to claim that it was void.
In conclusion, it is important to carefully review and understand the terms and conditions of any agreement before signing it. This is because agreements that are declared void can lead to legal complications and financial losses. If in doubt, it is always advisable to seek legal advice before entering into any agreement.