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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. This situation often occurs when one party lacks capacity, is defrauded, or is misled. An example includes contracts with minors; if a person under the age of majority (typically 18) enters a contract, they can choose to void it before reaching 18. For instance, if a 17-year-old signs a contract, they can later declare it void and request a refund before turning 18.
