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In the context of contracts, a contract can be valid, void, or voidable. A voidable contract allows one or both parties to declare it void. This situation typically arises if one party lacks the capacity to contract, is defrauded, or has been misled. For instance, if a contract is made with someone under the age of majority (commonly 18), such as a 17-year-old, that minor can void the contract at any time before reaching 18. They have the right to reclaim their money or any other benefits associated with the contract.