voidable contract in business law
a contract voidable is important knowledge not just for business owners but for anybody. for a contract to be valid and enforceable under the law, it must be consensual and legal, it must have a clearly defined âconsiderationâ (value exchanged between the parties), and it must be signed by two adult parties of sound mind intending to satisfy the terms of the contract. if any of such defects are discovered in the contract, a party can reject the contract. a void contract is not a valid contract. such a contract is impossible to enforce from the very beginning, so the parties involved remain unbound by its terms.