Which type of contract can be declared void by one or more parties?

A voidable contract is a type of contract that may be enforced at the discretion of one or more parties but can also be declared void if one party chooses to do so. This situation arises when there are specific legal grounds that allow a party to nullify the contract without facing any penalty.

Common reasons a contract may be voidable include instances of misrepresentation, undue influence, duress, or when one party is a minor. Because such conditions exist, the affected party has the option to either enforce the contract or to void it altogether, depending on what is in their best interest.

In contrast, a valid contract is legally binding and enforceable by both parties, meaning neither can unilaterally declare it void. A void contract is one that is not legally enforceable from the moment it is created, making it fundamentally different from a voidable contract. An enforceable contract implies that both parties are expected to uphold their obligations and does not allow for unilateral disavowal by one party.