What is a voidable contract?

A voidable contract is a type of contract that can be cancelled by one or more of the parties involved due to certain conditions. In Nebraska, an example of a voidable contract would be an agreement entered into by an individual who is under the age of eighteen. This type of contract is considered voidable because a minor does not have the legal capacity to enter into a binding agreement. In addition to a minor, other individuals in Nebraska who are not considered legally capable of entering a contract include those who are intoxicated, mentally incapacitated, or under duress. If a contract is entered into under any of these conditions, the other party involved can request that the courts declare the contract voidable. The party that is not legally considered capable of entering into a contract can either decide to reject the contract and seek reimbursement for any damages caused, or they can decide to accept the contract and be held to its terms. The other party involved in the contract cannot be forced to adhere to the terms or be held liable for any damages caused. Lastly, a contract can be deemed voidable if one or more of the parties did not completely understand or agree to all of the terms in the agreement. In this case, the court may declare the contract voidable and allow the party that did not correctly understand the contract to reject it. In conclusion, a voidable contract in Nebraska is a contract that can be cancelled by one or more of the parties involved due to certain conditions, such as a minor being involved, or if one or more of the parties did not completely understand the terms of the agreement.

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