A contract that may be set aside by at least one party is known as what?

A contract that may be set aside by at least one party is classified as voidable. This means that while the contract is valid and can be enforced, one party holds the right to cancel or void the contract under specific circumstances. This typically occurs in situations where one party has a legal reason, such as misrepresentation, undue influence, duress, or a lack of capacity.

The concept of a voidable contract is critical in understanding the dynamics of agreements and the potential for either party to exit an obligation legally, as long as the right is exercised in a timely manner. This flexibility in the law serves to protect parties that may have entered into a contract under less than ideal circumstances.

In contrast, a valid contract is one that is legally binding and enforceable in court from the outset, without the option for one party to void it unilaterally. A void contract, on the other hand, is one that is not considered legally valid or enforceable by either party from the beginning, while probate relates to the legal process of administering a deceased person's estate and is unrelated to the concept of contracts.