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A Contract which can either be refused or ratified is called voidable contract.
Contract is defined as a legally enforceable agreement that creates and obligations among parties. A contract involves transfer of goods, services, money or promise to transfer any of those for future dates.
What are voidable contract?
A voidable contract is a contract which can be either affirmed or rejected at the option of one of the parties. Once the contract is repudiated by one party, it becomes Void contract.
Grounds for voidable contract are - Coercion, Undue Influence, Mental Incompetence, Intoxication, Fraud or Misrepresentation.
When a contract is entered into without the free consent of the party, it is considered a voidable contract. A voidable contract may be considered valid if it is not cancelled by the aggrieved party within a reasonable time.
Under USA legal system, Contract law regulates the obligation established by agreement, whether expressed or implied, between the private parties. Law of contract varies from state to state but also there is a presence of nationwide federal contract law.
Under Indian Legal System, Contract is defined under Indian Contract Act 1872 under which Voidable Contract is defined under Section 2(i) of the Act.
There are certain difference between USA Contract Act and Indian Contract Act based on:
-Presence of statute of fraud in USA which is not present in India
-India does not have separate legislation for sale of goods or services.
-American common law has imposed a good faith dealing requirement on parties entering a contract with each other
-Monetary damages in the United States can be classified into three types- expectation interest, reliance interest, and restitution of interest
Neither the Indian courts nor the Contract Act have classified damages as is done in the USA
To learn more about the Voidable Contract here
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