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An agreement or other act which one of the parties to it is entitled to rescind, and which, until that happens, has full legal effect - for example, where an act of fraud has been performed in connection with a contract.
Parlee McLaws LLP. “Glossary Of Common Financial and Legal Terms”, 4th ed.
The law distinguishes between contracts which are void and those which are voidable. A contract may be void because it is uncertain or it was entered into for an illegal purpose. In such a case, neither party may enforce the contract. If a contract is voidable, it may be voidable at the option of the innocent party affected by the matter giving rise to the defect.
Peter English, Surry Partners Lawyers. “Glossary of legal terms” (2009)