A "voidable contract" is a legally binding agreement that one of the parties involved has the option to cancel. This option only exists if the other person involved has done something wrong, such as not meeting the conditions of the agreement. Until this cancellation takes place, the contract is still valid.
These are questions that the above text answers:
1. What is a voidable contract?
2. Under what circumstances can a voidable contract be canceled?
3. What is the status of a voidable contract until it is canceled?
4. What is required for a contract to be legally binding?
5. What happens if one party does not meet the conditions of a contract?
6. What is the difference between a voidable contract and a void contract?
7. Can a voidable contract be enforced by law?
8. What rights and responsibilities do parties have in a voidable contract?
9. Can a voidable contract be canceled by either party?
10. How does a voidable contract differ from a valid contract?