Definition
Capable of being voided or cancelled, but valid until one party chooses to void it. A legal Schrödinger's contract—simultaneously binding and cancelable.
Example Usage
The contract was voidable due to fraud, but remained enforceable until the victim chose to rescind it.
Origin
From Old French 'void' meaning 'empty' or 'invalid'
Fun Fact
Voidable is different from void—void means automatically worthless, voidable means you have to ask the court to kill it.
Source: Contract Law; Uniform Commercial Code
Related Terms
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