A voidable contract is a legal agreement that can be deemed valid or invalid based on certain conditions. In simpler terms, a voidable contract can be either binding or non-binding depending on whether or not it has been ratified by the parties involved.

A voidable contract is different from a void contract in that a void contract is deemed completely invalid from the outset, whereas a voidable contract is only potentially invalid based on certain circumstances. The most common circumstance that may render a voidable contract invalid is the lack of consent by one of the parties involved.

For a contract to be valid, there are a few essential elements to consider. The first is an offer, followed by acceptance, consideration, and a willingness to enter into the agreement. However, if any of these elements are missing or faulty, the contract may be deemed voidable.

In the case of a voidable contract, one party may have been coerced or misled into signing the agreement. In this case, the contract would be considered voidable, and the party that was coerced or misled would have the option to either void the contract or enforce it.

The party that is seeking to void the contract must do so within a reasonable time frame after discovering the issue. If too much time has passed, the contract may be deemed enforceable, even if it was initially voidable.

In conclusion, a voidable contract can be valid or invalid based on specific circumstances. If one of the parties involved was coerced or misled, the contract may be deemed voidable, and that party has the option to either void or enforce the agreement. It is essential to understand the elements of a valid contract and the circumstances that can render a contract voidable to ensure that all agreements are legally binding.