A voidable contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which time the contract is void.
As per Section 2(i), " An agreement which is enforceable by law at the option of one or more parties but not at the option of the other or others is a Voidable Contract."
As per section 15-13 "A contract become voidable when the consent of one or more of the parties to a contract is obtained by coercion, undue influence, misrepresentation or fraud an agreement which is enforceable by law at the option of one or more parties but not at the option of the other or others is a voidable contract.
- See also:
- voidable generally
- void contract
- unenforceable
Famous quotes containing the word contract:
“The way in which men cling to old institutions after the life has departed out of them, and out of themselves, reminds me of those monkeys which cling by their tails—aye, whose tails contract about the limbs, even the dead limbs, of the forest, and they hang suspended beyond the hunter’s reach long after they are dead. It is of no use to argue with such men. They have not an apprehensive intellect, but merely, as it were a prehensile tail.”
—Henry David Thoreau (1817–1862)