What is a voidable contract?

A voidable contract is indeed a legal agreement that is considered binding and enforceable until one of the parties chooses to cancel it. This type of contract is characterized by the fact that it is valid on the surface and carries the weight of legal obligations, but it contains certain conditions or circumstances that may allow one party to void the contract at a later date.

For example, a contract entered into by a minor or under duress can be classified as voidable. This gives the party affected by such conditions the right to decide whether or not to uphold the contract. Until the party makes this decision, the contract remains in effect, and both parties are expected to fulfill their obligations.

In contrast, a contract that is invalid from the start does not have any legal force or binding effect, rendering it void rather than voidable. Similarly, a contract that both parties must fulfill implies mutual obligations that are not present in a voidable context, where one party has the option to exercise their right to cancel. Lastly, a contract that has already been discharged refers to an agreement that has been completed or annulled, which is not the same as a voidable contract that remains in effect until action is taken by one party.