An agreement is voidable contract when it is MCQ

Understanding contract law is essential for any business owner or individual who wants to enter into an agreement with another party. One important concept to grasp is the distinction between a void agreement and a voidable contract. In this article, we will focus on the latter and explore what makes an agreement voidable when it is MCQ.

First, it`s important to define what we mean by an agreement. In legal terms, an agreement is a mutual understanding between two or more parties that creates an obligation to do or not do something. This can be in the form of a written contract, an oral agreement, or even an implied agreement.

A voidable contract, on the other hand, is a contract that is valid and enforceable, but can be voided or cancelled by one or both parties involved. This can happen for a variety of reasons, including fraud, duress, mistake, or undue influence.

Now, let`s take a closer look at what we mean by “MCQ" in the context of a voidable contract. “MCQ" stands for “minority, coercion, and fraud." If any of these elements are present in an agreement, it can be considered voidable.

Minority refers to situations where one or more parties involved in the agreement are minors, meaning they are under the age of 18 and legally incapable of entering into a contract. In such cases, the minor can choose to void the contract at any time before they reach the age of majority.

Coercion refers to situations where one party uses force or threats to induce the other party to enter into the agreement. This can include physical force, blackmail, or other forms of coercion.

Fraud refers to situations where one party intentionally misrepresents or conceals information in order to deceive the other party. This can include withholding important information, making false claims, or making promises that cannot be fulfilled.

In conclusion, an agreement is a voidable contract when it is MCQ, meaning it involves a minor, coercion, or fraud. If any of these elements are present, the contract can be cancelled or voided by one or more parties involved. It`s important to consult with a legal expert if you believe you have entered into a voidable contract or if you are unsure about the legality of an agreement.