voidable
Definition
A voidable contract or agreement is one that is legally valid and enforceable right now, but one party has the right to cancel it if they choose to. Think of it as a contract that starts out alive but can be killed by the person who was wronged or disadvantaged in some way. The person with that cancellation power can either walk away from the deal or decide to let it stand.
Example
If someone tricked you into signing a contract by lying about what they were selling you, that contract would be voidable, meaning you could go to court and have it thrown out. You would have the choice to cancel it because of the fraud, but the contract remains in force until you take that step.
Watch Out
The right to cancel a voidable contract does not last forever, so if you discover a problem with an agreement you signed, talk to a lawyer quickly before that window closes.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.