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In the context of cut contracts, a contract can be classified as valid, void, or voidable. A voidable contract grants one or both parties the option to render it void. This scenario typically arises when a party lacks capacity, has been defrauded, or has entered the contract based on misrepresentation. For instance, if a contract is made with someone under the age of majority, often 18 years old, that individual can choose to void the contract anytime before reaching this age. This means a 17-year-old can later assert that the contract is no longer valid and request a refund or other relief.