Even if a contract exists, it may not necessarily be enforceable. There are a number of reasons why a court might not enforce a contract. Often, it's to protect people from unfairness in the bargaining process, or in the substance of the contract itself. In such circumstances, a contract may be voidable.
But what is a voidable contract?
When a contract is voidable, a party to the contract is able to cancel or revoke the contract.
Contracts can become voidable due to:
Void v. Voidable
Note, however, that a voidable contract is different from a void contract. Void contracts can't be legally enforced, period. The law treats them as if no agreement was ever made. An agreement to perform an illegal action, for instance, is a void contract. A voidable contract, on the other hand, may be voided by a party if the party so chooses.
Getting a contract reviewed is a sensible step toward figuring out whether your contract is void or voidable. Speaking with a local
attorney who specializes in contract law, or the area of law that your contract covers (for instance, real estate, or business) is always a good idea.