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Contract, void
 

 

A void contract is effectively one that never existed, either because it inot recognized by the law, e.g. a gaming contract, or because there is a fundamental mistake common to both parties. This latter may be with regard to the subject matter or with respect to the identity of the contracting parties. Because a void contract does not exist in the eyes of the law, law, it follows that no action can arise from it.

Reference: The Penguin Business Dictionary, 3rd edt.