If an agreement is found to be void, it is?

When an agreement is found to be void, it means that it is considered invalid from the very beginning. A void agreement lacks legal effect and cannot be enforced by either party, as if it never existed. This can occur for several reasons, such as the agreement involving illegal activities, the parties lacking capacity to contract, or the terms being too vague to enforce.

In contrast, a legally binding agreement is one that is enforceable by law, which contradicts the notion of a void agreement. An enforceable agreement would have the potential for legal action if one party does not fulfill their obligations, which again does not apply to a void agreement. The idea of renegotiation is also not applicable, as void agreements are not recognized in the legal system, and therefore, there is no basis upon which to renegotiate. Recognizing these distinctions is crucial for understanding the status and implications of various types of agreements in real estate and other legal contexts.