What is a voidable contract?

A voidable contract is a legally-binding agreement that one or both parties may choose to void or cancel. A contract can be voidable in Mississippi as long as it follows the correct procedures. A contract becomes voidable if one of the parties is not legally capable of making the agreement, if one of the parties was forced to sign under duress, or if one of the parties was misled or misrepresented. In addition, if one party fails to perform their duties as outlined in the contract, then the other party may choose to void the contract. When a contract is voidable, the parties can either void the contract entirely or decide to keep it in force. If the parties decide to keep the contract in force despite its voidable nature, the contact is still legally binding. Ultimately, the parties involved must make the decision whether to continue the contract or terminate it. Both parties need to work together in order to resolve any issues and mutual agreement must be reached before the contract is voided. If an agreement cannot be reached, the courts may intervene and decide what is best for all parties involved.

Related FAQs

What is an implied covenant of good faith?
What is a joint venture agreement?
What is the effect of a breach of contract?
What is implied in a contract?
What are the types of contracts?
What is the effect of illegality in a contract?
What is the common law?
What is a contractual waiver?
What is an executory contract?
What is a promissory estoppel?

What is a voidable contract?

Related FAQs

Related Blog Posts