void contract

  

Definition

A contract that meets any of the following criteria:
(1) it is illegal from the moment it is made; (2) it is legal but declared null by the courts because it violates a fundamental principle such as fairness, or is contrary to public policy; (3) it becomes void due to changes in law or in government policy; or (4) it has been fully performed.

Lack of capacity to contract (such as arises from being an infant or minor, intoxicated, or insane) automatically makes a contract void. A contract that is void only in one or few parts may be saved by the process of severance. Not to be confused with voidable contract.

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