voidable

Contracts and interests in other subject matter (such as shares or an interest property) which are voidable are valid and enforceable until such time as the person entitled to make the interest avoid takes steps to make the interest void. Voidable means that the thing is valid until it is repudiated, and not that it is invalid until it is confirmed.

Voidable Contracts

When a party is misled to enter into a contract misrepresentation, they are entitled to elect to rescind the contract provided that the right is exercised within a reasonable time, and have not previously affirmed the contract. A failure to exercise the right will result in the loss right and result in the affirmation of the contract.

In cases of fraudulent misrepresentation, time runs from the time that  misled party came to know of the fraud; in cases of negligent and innocent misrepresentation, time runs from the date of the contract. Until the right is exercised, the contract or other instrument remains in full legal effect.