A voidable contract is defined as?

A voidable contract is indeed defined as rescindable by one of the parties involved. This means that one party has the legal right to either enforce the contract or to void it, typically due to reasons such as misrepresentation, undue influence, or the lack of capacity to contract. It is important to note that the contract remains valid and enforceable until the party with the right to void it decides to exercise that option. This ability to rescind distinguishes voidable contracts from void contracts, which are inherently unenforceable from the outset.

The other options do not accurately convey the definition of a voidable contract. While a voidable contract could become void if the party chooses to rescind it, at the moment it is not automatically void. It is also not considered enforceable by both parties in the way that a valid contract is. Understanding the nuances of voidable contracts is critical for real estate professionals, as it impacts the enforceability of agreements in various situations.