Voidable Definition
A voidable contract is a contract that can be either upheld or rejected by one of the parties involved. The terms ‘void’ and ‘voidable’ are often used interchangeably, but there is a key distinction between the two: a void contract is completely unenforceable from the very beginning, while a voidable contract is only unenforceable if one of the parties involved decides to reject it.
There are several reasons why a party might choose to reject a voidable contract. For example, if one party was coerced into signing the contract against their will, or if one party was not given all of the information they needed to make an informed decision, they may choose to reject the contract. In some cases, rejecting a voidable contract may be the only way for a party to get out of an unfavorable situation.
It’s important to note that even if a contract is voidable, it doesn’t necessarily mean that it will be rejected. If both parties still want to uphold the contract, they can choose to do so despite any flaws in its formation.
