Valid Contract:
An unenforceable and illegal contract would be the void contract but the voidable contracts can be a legal contract which would be enforceable in the eyes of law and the parties to the contract can enforce it in the voidable contracts and in the void contracts the party doesn’t have the opportunity to enforce it. The term void literally means that the contract is null and its is not legally binding and due to which it cannot be enforceable by law. The void contract is a contract which is not backed up by any law for it to be legally binding.
Therefore we can understand that this contract, when it’s a void contract, then it would be not enforceable and hence if the contract has been breached by one party when the party which has been affected by the breach would not avail any legal remedy or recourse which is legal against them. A contract is a valid contract or said to be valid when it was being formed then it was valid but at the later stage it has become void.
The above mentioned situation can only take place when all the conditions are fulfilled which leads to a valid contract such as free consent, capacity, consideration and lawful object etc. But at a later stage when laws change or due to any other circumstances then the act would become impossible at that point of time the valid contract at the beginning stage would still remain valid but at the later stage due to the above mentioned change in laws or any other circumstances then it would become a void contract.
Voidable Contracts:
Voidable Contract is not illegal and it’s an enforceable contract and hence the parties to contract can enforce it and therefore it is a legally binding contract. This contract binds when their parties to contract, either of them would change their mind and they have the option to change their mind hence at that time it would be a voidable contract. Voidable Contract allows the party to cancel the contract at the option of changing their minds and they can cancel it at any point of the time during the contract. Therefore if there is a mutual mistake on the both sides of the contract i.e the both parties who are contracting then it would be voidable i.e the contract would be voidable. Also such conditions like omission of few conditions from the contract while performing the contract would also lead to the voidability of the contract.
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