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In the context of contracts, they can be classified as valid, void, or voidable. A voidable contract allows one or both parties to declare the contract void, typically due to issues like lack of capacity or fraud. This situation often arises when a party lacks mental capacity, such as minors who are below the age of majority (commonly 18 years). For instance, if a contract is made with a 17-year-old, they can choose to void the contract at any point before reaching 18, requesting a refund or other remedies.
