Voidable

Voidable is defined as the law that clearly distinguishes between contracts which are void and those contracts which are possibly voidable. Certain contracts have a major defect and they are therefore said to be void. Other contracts have small defects to them and they are voidable at the choice of the party that is damaged by the defect.

Additional Sources

Answers.com

That which is not absolutely void, but may be avoided.

In contracts, voidable is a term typically used with respect to a contract that is valid and binding unless avoided or declared void by a party to the contract who is legitimately exercising a power to avoid the contractual obligations.

A contract may be voidable on the grounds of fraud, mistake, misrepresentation, lack of capacity, duress, undue influence, or abuse of a fiduciary relationship. A contract that is based on one of these grounds is not automatically void but is voidable at the option of the party entitled to avoid it. For example, a person who was induced by fraud to enter into a contract may disclaim the contract by taking some positive action to disaffirm the contract. Or the victim of the fraud may ratify the contract by his or her conduct or by an express affirmation after acquiring full knowledge of the facts. Likewise, a contract between a minor and another party is generally viewed as voidable by the minor. The minor may legally decide to ratify the contract or disaffirm the contract.

Duhaime Legal Dictionary

The law distinguishes between contracts which are void and those which are voidable.

Some contracts have such a latent defect, some vitiating element, that they are said to be void (see definition of void).

Other have more minor defects to them and are voidable at the option of the party victimized by the defect.

For example, contracts signed by a person when they are totally drunk are voidable by that person upon recovering sobriety.

Law.com Dictionary

adj. capable of being made void. Example: a contract entered into by a minor under 18 is voidable upon his/her reaching majority, but the minor may also affirm the contract at that time. "Voidable" is distinguished from "void" in that it means only that a thing can become void but is not necessarily void.

Lawyers.com

Subject to being declared void when one party is wronged by the other.

Lect Law Library

Having no legal effect or consequence if the party affected so chooses.

That which has some force or effect, but which, in consequence of some inherent quality, may be legally annulled or avoided.

As a familiar example, may be mentioned the case of a contract, made by an infant with an adult, which maybe avoided or confirmed by the former on his coining of age. Such contracts are generally of binding force until avoided by the party having a right to annul them.

Legal-Dictionary.org

A contract that can be approved or rejected by one of the parties.

Wikipedia

In law, a transaction or action which is voidable is valid, but may be annulled by one of the parties to the transaction. Voidable is usually used in distinction to void ab initio (or void from the outset) and unenforceable.

The act of invalidating the contract by the party exercising its rights to annul the voidable contract is usually referred to either as voiding the contract (in the United States and Canada) or avoiding the contract (in the United Kingdom, Australia and other common law countries).