Exemptions that can Void a Contract
A contract represents a legally binding mutual agreement by both parties that can be enforced under the law. It makes a business agreement official and is a pledge that both parties will take their obligations seriously. However, there are numerous situations where a contract can be declared void hence rendering it invalid. Below are the various types of exemptions that can void a contract.
Modification of the contract.
If all the parties in the contract agree to change or modify the contract's terms later, the new changes will void the original contract. Similarly, if one party singly alters a term in the contract without involving the other party, the contract can be canceled if a complaint is filed.
A contract can be voided if there exists a similar contract that does not contradict or alter the terms of the main contract. Failure to adhere to the contract's terms and conditions If one of the parties is in breach of the contract's agreed terms, the other party could file a complaint, and the contract could be voided. This can occur when ambiguous terms susceptible to multiple interpretations are used in the contract, a weakness one party may exploit.
Incorrect reference to a previous contract
A contract can be voided if it incorrectly reflects terms in another contract. One example would be by of a new contract stating three years of services while only two were previously agreed.
Faults/ illegalities in the contract formation
Numerous defects can be overlooked or missed during the contract formation, and these may later form the basis for invalidating a contract. For example, if one party was pushed or coaxed into the contract or if the contract itself was unlawful. To avoid cases where contracts are voided, anyone entering into a contract should carefully review it and ensure that everything is clearly and correctly spelled out as agreed and adhere to the contract's terms.
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