Voidable
A contract or agreement that is valid but may be legally voided at the option of one party due to a defect such as fraud, duress, or incapacity.
Encyclopedia entry: Voidable
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voidable
Voidable means a contract is valid unless rejected by a party with the legally protected option of doing so. Thus, state law may allow minors to either affirm or reject any promises made in a contract by calling such contracts voidable. See e.g: New York State DFS - Service Contracts with Minors ; 2023 New York Laws - ISC - Insurance - Article 79 - Service Contracts - 7909 - Termination of Service Contract Reimbursement Insurance Policy .
[Last reviewed in July of 2024 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.