What is the primary characteristic of a voidable contract?

A voidable contract is one that is valid and binding, but it may be legally rejected or affirmed by one of the parties under certain conditions. The primary characteristic of a voidable contract is its potential for ratification or rejection, particularly when one of the parties has the legal capacity to do so. One common scenario is when a minor enters into a contract; they have the option to affirm the contract once they reach the age of majority. If they choose to affirm it, the contract becomes fully enforceable; if they reject it (disaffirm), the contract is voided.

This characteristic distinguishes a voidable contract from a void contract, which is one that has no legal effect from the beginning and cannot be ratified. Void contracts inherently lack any enforceability, unlike voidable contracts that remain valid until one party decides to void them. As a result, the aspect of ratification by a minor or other legally incapacitated party makes this answer particularly relevant in understanding the nature of voidable contracts.