A void contract, also known as a void agreement, is not actually a contract. A void contract cannot be enforced by law. For example, a contract to carry out illegal activity is a void contract or void agreement. Features of a void contract:A contract made by incompetent parties is void.Any contract with bilateral mistakes is void.Contracts that have unlawful object or consideration are void.Contract in restraint of marriage of any major person is void.Contract in restraint of trade is void.Contracts in restraint of legal proceedings are void.A contract the term of which is uncertain is void.A contract by way of the wager (gambling/betting) is void.A contract contingent upon the happening of an impossible event is void.A contract to do impossible acts is void.Therefore, both statements are correct.