A voidable contract is a legal agreement that is valid at the time of creation but can be terminated by one of the parties at a later time. This type of contract is enforceable until it is voided by one of the parties involved. However, it is essential to understand who has the power to void a voidable contract to avoid any legal complications in the future.
In general, there are two parties involved in a contract: the offeror and the offeree. The offeror is the one who makes the initial offer, while the offeree is the party who accepts the offer. In most cases, either party can void a voidable contract. However, the rules for voiding a contract may vary based on the circumstances of the agreement.
If one of the parties involved in a contract is a minor, they have the right to void the contract. This is because minors are considered to be legally incompetent to enter into a binding contract. In this case, the minor can terminate the contract at any time before reaching the age of majority or within a reasonable time after becoming an adult.
Another situation where a contract can be voided is when the agreement has been made under duress or coercion. If one of the parties can prove that they were forced to enter into the contract under threat or intimidation, the contract becomes voidable. The party who was coerced can void the contract at any time while the party who was using duress cannot.
Similarly, if one of the parties involved in a contract lacks capacity, mental illness, or is unable to fully understand the agreement`s terms, they may also have the power to void the contract. In this situation, the party who lacks the capacity to contract can void the agreement.
In some cases, both parties to a contract can agree to void the agreement. This might happen, for example, if unforeseen circumstances make it impossible to fulfill the terms of the contract. In such cases, the parties can mutually agree to terminate the contract without any legal consequences.
In conclusion, anyone who has entered into a voidable contract may have the power to void the agreement under certain circumstances. These circumstances include minors, coercion, lack of capacity, and mutual agreement among both parties. Understanding who has the power to void a voidable contract is essential to avoid any legal complications that may arise in the future.