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Voidable, in law, is a transaction or action that is valid but may be annulled by one of the parties to the transaction. Voidable is usually used in distinction to void ab initio (or void from the outset) and unenforceable .
This renders the agreement voidable. An erroneous opinion as to the value of the thing which forms the subject matter of the agreement is not to be deemed a mistake as to a matter of fact. [4] For example, a woman finds a stone and sells it as a topaz. It was a raw uncut diamond worth hundreds of times the selling price. The contract is not ...
The concept has been codified in California, Colorado, Illinois, Louisiana, Minnesota and Montana. [2] Case law provides for putative spouse rights in Nebraska, Washington state, Nevada, [2] Texas [3] and Louisiana. Colorado and Montana are the only U.S. states to have both common law marriage and to formally recognize putative spouse status.
In such a case, neither party can go to court to enforce the contract. A void agreement is void ab initio, i e from the beginning while a voidable contract can be voidable by one or all of the parties. A voidable contract is not void ab initio, rather, it becomes void later due to some changes in condition.
In every case, third parties involved with bad faith in void or voidable contracts not only are affected by nullity, but may also be liable for statutory damages. However, the right to avoid a voidable transaction can be lost (usually lost by delay). These are sometimes referred to as "bars to rescission".
A voidable contract, unlike a void contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. At most, one party to the contract is bound . The unbound party may repudiate (reject) the contract, at which time the contract becomes void .
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A void marriage is a marriage that is unlawful or invalid under the laws of the jurisdiction where it is entered. A void marriage is invalid from its beginning, and is generally treated under the law as if it never existed and requires no formal action to terminate.