11:44
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Simple English definitions for legal terms
voidable contract
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A quick definition of voidable contract:
A voidable contract is an agreement between two or more parties that can be cancelled or voided by one of the parties involved. This means that one party has the option to either enforce or cancel the contract. A contract is a promise or set of promises that the law recognizes as a duty. It can be in the form of a written document, but the legal concept of a contract refers to the agreement itself, not the physical document.
A more thorough explanation:
A voidable contract is an agreement between two or more parties that can be cancelled or voided by one or more of the parties involved. This means that the contract is not automatically invalid, but rather can be made invalid if certain conditions are met.
For example, if a person enters into a contract under duress or coercion, they may be able to void the contract. Similarly, if a person enters into a contract with a minor, the minor may be able to void the contract.
Another example of a voidable contract is when a person enters into a contract with someone who has made a misrepresentation or has not disclosed important information. In this case, the contract may be voidable if the misrepresentation or lack of disclosure was significant enough to affect the decision-making process of the other party.
Overall, a voidable contract is a contract that can be cancelled or voided under certain circumstances, but is not automatically invalid.