Which of the following best describes a voidable contract?

A voidable contract is best described as a contract that is enforceable unless one party chooses to void it. This means that while the contract is valid and legally binding, one party has the right to terminate it if certain conditions are met, such as an instance of misrepresentation, coercion, or if one of the parties is a minor. The key feature of a voidable contract is this ability for one party to opt out, making it different from a void contract, which is never enforceable.

The essence of a voidable contract lies in the fact that it remains effective and binding until the aggrieved party takes the action to void it, thus giving them a degree of power over the contractual agreement. This aspect is crucial for understanding how such contracts operate within real estate transactions, as parties need to recognize their rights and responsibilities under these agreements.