Common Contracts
1 similar Voidable Contract contracts
Voidable contract meaningVoidable Contract • June 27th, 2021
Definition: Voidable contract is that form of a contract, wherein one party to the contract has the right to put it to an end if it is discovered that the contract contains some defects, concerning the lack of free consent. This means that the party, whose consent is influenced, is in a position to deny performing his obligation, then such an agreement is called a voidable contract. Nevertheless, if the option is not exercised within a reasonable time, it becomes a legally binding contract. As well as if the aggrieved party chooses not to repudiate the contract, then despite the fact it remains valid and enforceable as per the court of law. What is Free Consent? In simple words, when the parties to the contract, agree upon the content of the agreement, in the intended sense, it is known as free consent. If a fundamental error is made by the contracting parties, concerning the nature of the deal, or concerning the party they are dealing with or concerning the subject matter of the contr
