What is an example of voidable contract?

What is an example of voidable contract?

What Does Voidable Mean? With a voidable contract, one party can be bound by the contract terms while the other party has the right to change their mind. An example of a voidable contract is one involving a minor. Minors can enter into contracts, but they can also decide to breach the terms without legal repercussions.

What does it mean if a contract is voidable?

In other words, a voidable contract is one for which a party has the right to terminate it prematurely, if they wish. This allows the disadvantaged party to continue with a contract if it turns out to be suitable for them, or to end it on their own terms.

What is voidable contract Quora?

Voidable contract[Section 2(i)]: “An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of other or others, is a voidable contract”. However, the contract continues to be good and enforceable unless it is repudiated by the aggrieved party.

What is a voidable contract quizlet?

What is a voidable contract? A contract that can be set aside by one of the parties, even though all requirements are present.

Which of the following falls under voidable contract?

Misrepresentation or fraud. Mistake on both sides i.e., a mutual mistake. Lack of free will of a contracting party or undue influence. One party’s legal incapacity to enter a contract.

What is executed contract?

executed contract. noun [ C ] LAW. a contract (= formal agreement) which has been signed by all the people involved: The contracted services must be carried out by the project team in accordance with the executed contract.

What executed contract?

Definition: An executed contract is an agreement or contract between two or more parties that has been signed and is binding to all parties involved. It is a fully implemented contract.