Voidable contract
A voidable contract, unlike a void contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. At most, one party to the contract is bound. The unbound party may repudiate (reject) the contract, at which time the contract becomes void.
Typical grounds for a contract being voidable include coercion, undue influence, misrepresentation or fraud. A contract made by a minor is often voidable, but a minor can only avoid a contract during his or her minority status and for a reasonable time after he reaches the age of majority. After a reasonable period of time, the contract is deemed to be ratified and cannot be avoided.[1]
References
- ↑ US Legal, Inc., Contract by a minor, accessed 23 February 2016
See also
- voidable generally
- void contract
- unenforceable
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