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Canadian Mortgage, Insurance and Financial Glossary

How often this word is used
50% - Moderately


Synonyms:annulled, contractual condition, rendered void, rescindable
Filed Under: legal-contracts
Tags: contract, legal

Definition of voidable

1. When an individual or party involved in a contract is entitled to renege or retract the contract at his or her discretion.

Related Terms and Acronyms:

  • blank cheque   A cheque that does not have a dollar amount written on it.
  • breach of contract (BOC)   Failure to abide by terms of a legal agreement without a legal excuse.
  • contract   An agreement between two or more parties that can be enforced by law.
  • void   Of no legal effect. A nullity.
  • void cheque   A check with the word "VOID" written on the face that cannot be cashed.

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