When it comes to contracts, it is essential to understand the various types of agreements and their legal implications. In particular, void, voidable, and unenforceable contracts are three types of contracts that people may encounter in their personal or business dealings.

A void contract is essentially a non-contract. It is a worthless agreement that has no legal standing. A void contract is invalid from the beginning, and it cannot be enforced. In other words, it is as if the contract never existed in the first place. This type of contract can arise when the subject matter of the contract is illegal or when one of the parties lacks the legal capacity to enter into the agreement.

A voidable contract, on the other hand, is a contract that is valid and binding, but one of the parties has the option to cancel it. Generally speaking, the party who has the right to cancel a voidable contract is the one who did not have the legal capacity to enter into it. For example, if a minor enters into a contract, they have the right to void the agreement when they reach the age of majority.

Finally, an unenforceable contract is a valid agreement, but a court will not enforce it. This typically happens when the contract violates a legal principle, such as a statute of limitations, fraud, or a lack of written evidence. For example, if you enter into an oral agreement that is worth more than a certain amount, the agreement may be unenforceable under the law.

In conclusion, understanding the difference between void, voidable, and unenforceable contracts is crucial. While void and unenforceable contracts are non-binding agreements, voidable contracts are binding, but one party has the option to cancel it. It is always best to consult with a legal expert to ensure that any contracts you enter are valid and enforceable.