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In the context of contracts, a contract can be classified as valid, void, or voidable. A voidable contract allows one or both parties to choose to void the contract, making it invalid at their discretion. This situation typically arises if one party lacks the necessary capacity, is defrauded, or was misled during the contract formation. For instance, in jurisdictions where the age of majority is 18, a contract with a 17-year-old can be deemed voidable. The minor has the right to invalidate the contract at any time before reaching the age of 18, allowing them to seek a refund or withdrawal from the agreement.
