void agreement definition
void agreement means an agreement that is not enforceable by law;
void agreement means an agreement that is not enforceable by law; “voidable contract” means an agreement which is enforceable by law
void agreement. An agreement not enforceable by law is void. • Voidable contract – An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract. • Void contract – A contract becomes void when it ceases to be enforceable by law. • Contract of Indemnity – A contract of indemnity is a contract wherein, one party promises to protect the other party from causing loss to him by the conduct of the promisor himself, or by the conduct of any other person. • Bailment – Bailment refers to transactions whereby one person delivers goods to the other for some purpose based upon a contract that they are when the purpose is accomplished to be returned or otherwise disposed of according to the directions of the person delivering them. Based on Enforceability Based on formation Based on performance Express contract Voidable agreement Tacit contract Unilateral contract Void Agreement Implied/Quasi contract Bilateral contract Agreement Illegal agreement Voidable contract Valid contract Express contract Executed contracts Ordinary contract Voidable contracts Implied contracts Executory contract Standard contract Quasi contract Unilateral contract Bilateral contract Illegal agreement • Item Rate Contract • Percentage Rate Contract • Lump-Sum Contract • All in Contract / Entire Contract • Labour Contract • Material Supply Contract • Piece Work Agreement in Construction • Cost-plus Percentage Rate Contract • Cost-plus Fix fee Contract • Cost-plus Sliding or Fluctuating fee Contract • Target Contract • BOT Contract • The contractor quotes his rate per unit of each item of the construction. • An estimate of the bill of quantities is done accurately. • The basis of the agreement is thus the unit rate of each item. • This contract is more important when the quality of work, but not the exact quantities of the items to be executed, is previously known. • Major public work contracts are of this form of contract. • The department draws up the schedule of items according to the description of items sanctioned in the estimate with the quantities, units, rates, and amounts shown therein. • The contractors are required to offer to carry out the work at par with the rates shown in the bill of quantities or percentage above or below the rates indicated in the bill of quantities of the tender. • The percentage above or below or at tendered by the contractor applies to all the items. • A lump-sum contract is t...