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An agreement is a formal and legally binding contract between two or more parties. It outlines the terms and conditions that each party must adhere to for the agreement to be valid. However, sometimes agreements can be voidable. This means that the agreement can be cancelled or declared invalid if certain conditions are met.
One such condition is if the agreement was caused by fraud. Fraud is defined as intentionally deceiving someone in order to gain an unfair advantage. For example, if one party to an agreement lies about the quality of a product in order to get the other party to agree to the sale, the agreement may be voidable.
Another condition that can cause an agreement to be voidable is duress. Duress occurs when one party forces or threatens the other party into agreeing to the contract. For example, if a landlord threatens to evict a tenant if they don`t sign a lease agreement under unfavorable terms, the agreement may be voidable.
Similarly, undue influence can also render an agreement voidable. This occurs when one party uses their position of power to persuade the other party to agree to the contract. For instance, if a doctor convinces a patient to agree to an expensive medical treatment that they don`t really need, the agreement may be voidable.
Lastly, a mistake in the formation of the agreement can also make it voidable. This can happen if the parties involved misunderstood the terms of the agreement or if there was a clerical error in drafting the contract.
In conclusion, an agreement is voidable if it is caused by fraud, duress, undue influence, or mistake. Parties should ensure that they enter into agreements with full knowledge of the terms and conditions involved. If any of the aforementioned conditions are present, it is important to seek legal advice to determine if the agreement can be cancelled or declared invalid.