When can a voidable contract be terminated?

Prepare for the Saskatchewan Mortgage Associate Exam with comprehensive questions and flashcards. Study effectively using multiple choice questions and hints to enhance understanding. Be exam-ready!

A voidable contract is a type of agreement that is valid and enforceable on its face but may be legally voided at the discretion of one of the parties involved. This means that the party who has the right to cancel the contract has the ability to terminate it at any time, without needing the consent of the other party or any external intervention such as court involvement.

The notion that the party with the right to cancel can end the contract "anytime" reflects the fundamental characteristic of voidable contracts: they remain valid until the aggrieved party decides to exercise their right to void. This cancellation can happen for various reasons, such as misrepresentation, undue influence, or coercion, among others.

The other choices imply conditions or requirements that do not apply to voidable contracts. For instance, mutual agreement, court intervention, or the passing of a specific duration does not limit the party’s right to terminate a voidable contract. Thus, the essence of the answer lies in the unilateral power held by the party entitled to cancel, without needing additional requirements or consensus.

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