Contracts are legally binding agreements between parties that outline the terms and conditions of a transaction or relationship. However, not all contracts are enforceable, and some can be voided under certain circumstances. Here are four examples of voidable contracts:
1. Contracts signed by minors – Any contract signed by someone under the age of 18 is considered voidable, as minors are not legally capable of entering into contracts. However, if a minor chooses not to void the contract upon reaching the age of majority, the contract becomes enforceable.
2. Contracts signed under duress – If one party is forced to sign a contract under duress, coercion, or threat of harm, the contract can be voided. An example of this would be if a person signs a contract at gunpoint to prevent harm to themselves or others.
3. Contracts signed under fraud – If one party made a material misrepresentation of fact in order to induce the other party to sign the contract, the contract can be voided. An example of this would be if a seller misrepresents the condition of a car in order to get the buyer to sign the contract.
4. Contracts signed under undue influence – If one party uses their power or influence over another person to induce them to sign a contract, the contract can be voided. An example of this would be if a caregiver convinces an elderly person to sign over their assets through manipulation or coercion.
5. Contracts signed while mentally incapacitated – If one party signs a contract while mentally incapacitated, such as due to illness, medication, or intoxication, the contract can be voided. However, if the incapacitated party is later deemed to have had sufficient mental capacity at the time of signing, the contract can become enforceable.
In conclusion, it’s important to understand that not all contracts are legally binding, and certain circumstances can void a contract. If you believe a contract you’ve signed may be voidable, it’s essential to seek legal advice to understand your options.