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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 .
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 .
The minority of Lord Nicholls and Lord Millett argued strongly for the abandonment of Cundy v Lindsay and in favour of the principle that all mistakes for identity merely render a contract voidable; for instance, Lord Nicholls argued that the loss should be borne by the seller, "who takes the risks inherent in parting with his goods without ...
‘Clear title’ meaning. A clear title, also known as a “clean title,” is a property title that is free from liens or additional issues that could jeopardize ownership, such as boundary ...
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 ...
A voidable marriage is a marriage that can be canceled at the option of one of the parties. The marriage is valid, but may be annulled if contested in court by one of the parties to the marriage. The petition to void the marriage must be brought by one of the parties to the marriage, and a voidable marriage thus cannot be annulled after the ...