Define voidable contract.
Understand the Problem
The question is asking for the definition of a voidable contract, which is a legal term. A voidable contract is an agreement that may be legally unenforceable due to certain circumstances that affect one of the parties involved.
Answer
A valid contract that may be affirmed or rejected at the option of one party due to specific legal reasons.
A voidable contract is a valid contract that may be either affirmed or rejected at the discretion of one of the parties due to specific legal reasons.
Answer for screen readers
A voidable contract is a valid contract that may be either affirmed or rejected at the discretion of one of the parties due to specific legal reasons.
More Information
Voidable contracts become voidable due to reasons like duress, misrepresentation, or lack of capacity.
Tips
A common mistake is confusing voidable contracts with void contracts. Void contracts are unenforceable from the start, while voidable contracts are valid until one party opts to void them.
Sources
- Voidable Contract: Definition, How It Works, and Examples - investopedia.com
- Voidable contract - Wikipedia - en.wikipedia.org
- What Is a Voidable Contract? - FindLaw - findlaw.com
