Canadian Mortgage, Insurance and Financial Glossary
|Synonyms:||annulled, contractual condition, rendered void, rescindable|
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.