Voidable contract

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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.

Typical grounds for a contract being voidable include coercion, undue influence, mental incompetence, intoxication, misrepresentation or fraud. [1] A contract made by a minor is often voidable, but a minor can only avoid a contract during his or her minority status and for a reasonable time after he reaches the age of majority. After a reasonable period of time, the contract is deemed to be ratified and cannot be avoided. [2] Other examples would be real estate contracts, lawyer contracts, etc.

When a contract is entered into without the free consent of the party, it is considered a voidable contract. The definition of the act states that a voidable contract is enforceable by law at the option of one or more parties but not at option of the other parties. A voidable contract may be considered valid if it is not cancelled by the aggrieved party within a reasonable time.

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"As far as family law is concerned, we in South Africa have it all. We have every kind of family; extended families, nuclear families, one-parent families, same-sex families, and in relation to each one of these there are controversy, difficulties and cases coming before the courts or due to come before the courts. This is the result of ancient history and recent history [...]. Our families are suffused with history, as family law is suffused with history, culture, belief and personality. For researchers it's a paradise, for judges a purgatory."

Insurance in South Africa describes a mechanism in that country for the reduction or minimisation of loss, owing to the constant exposure of people and assets to risks. The kinds of loss which arise if such risks eventuate may be either patrimonial or non-patrimonial.

In Catholic canon law, the canon law of contract follows that of the civil jurisdiction in which Catholic canon law operates.

References

  1. Clarkson, Kenneth W.; Roger LeRoy Miller; Frank B. Cross (2018). Business law : text and cases (Fourteenth ed.). Boston, MA. ISBN   978-1-337-10203-2. OCLC   982083011.
  2. US Legal, Inc., Contract by a minor, accessed 23 February 2016

See also