A voidable contract is a type of formal agreement between two or more parties. While the voidable contract was signed, it can later be challenged based on information that the parties involved in the contract withheld, concealed, or ignored. A voidable contract is one that includes the option to terminate. This contract may be valid when you first create it, but it could be voided in the future.
Any contract that contains a contingency clause is voidable. With a voidable contract, one party may be bound by the terms of the contract, while the other party has the right to change their mind. In other words, they can cancel the contract whenever they want. Another situation that could void a contract is a mutual error or when there is a lack of important material in the contract.
At that time, the parties involved agreed to the terms set out in the contract and nothing was in order. A couple of examples of a void contract would be a contract for illegal activity or someone signing a contract that is not in their right mind. For example, a court may find that the buyer or seller lacked the capacity to enter into a contract. If you need help drafting a legally enforceable contract or need to know if an existing one could be void or voidable, you should talk to a Washington DC business law attorney as soon as possible.
A contingency is reliance on an established event that must occur before a contract is binding, such as providing a blue house when signing for a blue house. Unfortunately, there are quite a few things that could turn your real estate contract into an unenforceable one. However, if one or more of the parties involved faces a breach of contract or an attempt at fraud through the contract specifications, the voidable contract can be brought before a judge and declared unenforceable or, in other words, void. Once a person is of legal age, they must decide whether to ratify and accept the contract or to cancel the agreement.
That simply means that it has all the essential elements of a contract and is in writing, which makes it enforceable. As a real estate agent just starting out, it's easy to feel a little overwhelmed by all of the strategies and tools available to those working in your profession when it comes to. In the case of an invalid contract, the contract cannot become valid if both parties agree, since you cannot commit to doing something illegal.