What is the term for the election to void a contract?

The term for the election to void a contract is disaffirmance. In contract law, disaffirmance allows a party, typically one who has not fully ratified the agreement, to refuse to be bound by the contract. This is particularly relevant in contexts where one party may lack capacity, such as minors or individuals deemed mentally incompetent. By choosing disaffirmance, the party can nullify their obligations and obligations under the contract, effectively rendering it void.

This process is significant as it provides a means for individuals to protect themselves from agreements they should not be held to, hence maintaining fairness in contractual relationships. Most legal systems recognize disaffirmance as a necessary remedy to prevent parties from being unfairly bound by agreements made under duress or without proper understanding of the implications.

Other terms listed, such as ratification, rescission, and revocation, have distinct legal meanings and implications. Ratification refers to accepting and confirming a contract, rescission involves canceling or undoing a contract by mutual consent, and revocation pertains to taking back an offer or proposal before it has been accepted. Each of these terms applies to different legal contexts, making disaffirmance the correct choice for voiding an existing contract.