Why Is a Contract Voidable?

A contract may be rendered voidable if: Any party was under duress, undue influence, or was being intimidated, coerced, or threatened when entering into the agreement; Any party was mentally incompetent (i.e., mentally ill, below the age of majority, etc.)

What makes a contract void or voidable?

With a void contract, the contract can't become valid just by both parties agreeing, as you can't commit to doing something illegal. Voidable contracts can be made valid if the party who isn't bound agrees to give up their rights to rescission. Examples of void contracts could include prostitution or gambling.

What are the five factors that makes a contract voidable?

The main vitiating factors in the law of contract are: misrepresentation, mistake, undue influence, duress, incapacity, illegality, frustration and unconscionability.