What type of agreement is enforceable but may be set aside by one party?

A voidable contract is an agreement that is valid and enforceable, but one party has the right to set it aside or void it under certain circumstances. This typically occurs in situations where one party has entered into the agreement under duress, undue influence, misrepresentation, or a lack of capacity (such as being a minor).

In essence, the key characteristic of a voidable contract is that it remains legally binding until the party with the right to void the contract chooses to do so. For example, if a contract is signed under pressure, the party who felt compelled to sign can later choose to annul the contract if they wish.

In contrast, a void contract is not enforceable from the moment it is created, while an unenforceable contract is one that, despite being valid, cannot be enforced in court due to certain legal defenses. An implied contract arises from the behavior of the parties rather than from written agreements, and it does not fit the specific definition of being able to be set aside by one party.