voidable

Voidable and that a contract us void at the election of a party and capable of being set aside provided the right is exercised within a reasonable time. A failure to exercise the right will result in the loss right and result in the affirmation of the contract. Until the right is exercised, the contract or other instrument remains in full legal effect.

Usage: The contract was voidable at the option of the company.

Related Words: rescission; void; contract; agreement; common mistake; mutual mistake; rectification.