A void contract is an invalid contract which is not enforceable in the court. However, a voidable contract is not invalid but it is avoidable by the affected party by taking the legal action and asking the court to terminate. if no action is taken at a material point of time, it will be deemed as confirmed and the contract becomes valid and enforceable.
Difference between fraud and misrepresentation
In case of fraud the party making a false statement does not himself believe in its truth, whereas, in case of misrepresentation the party believes the false statement to be true. Moreover, is case of fraud a high standard proof is required to set aside a contract, but is case of misrepresentation a lower standard of proof is required.
Discharge by performance: If the parties perform their respective promises in accordance with the terns of the agreement.
Discharge by frustration: a contract is frustrated if the contract legally or physically becomes impossible to perform for subsequent change of circumstances.
Discharge by breach of contract: There are 4 remedies of this contract which is damages, specific performance, injunction, quantum meruit.
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