If a Transactions is entered between a corporation a firm or a Government by a person under the Law which is void, what will be the consequences? Can such transaction entered under the Void Law be cured?
N.K.Assumi (Advocate) 20 July 2009
If a Transactions is entered between a corporation a firm or a Government by a person under the Law which is void, what will be the consequences? Can such transaction entered under the Void Law be cured?
Mohan Panikkar (Advocate) 20 July 2009
Your question is very vague and generic. it may not be answered fully and esaliy. Please see sections 65 of the Contract Act which reads as under:
"Obligation of person who has received advantage under void agreement, or contract that becomes void
When an agreement is discovered to be void, or when a contract becomes void, any person who has received any advantage under such agreement or contract is bound to restore, it, or to make compensation for it, to the person from whom he received it."
Unlike "voidable" , in "void" transactions parties have no option to legally treat a "void" relationship as valid.
If the cause/reason for the relationship becoming "void" cease to exist, the parties can enter into fresh arrangement.
N.K.Assumi (Advocate) 22 July 2009
I am sorry if my question appears to have been vauge to you. But Sir, I have got the right nswer from you sufficient for my purpose. Thank you.
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