voidable legal definition

Able to be later voided or nullified; a valid act that may achieve what its purpose was until its fatal flaw is discovered or takes effect and causes it to be voided. For example, a minor may enter into an agreement with a book club and not buy the number of books she contracts to. When the book club tries to recover the remaining part of the contract, the minor repudiates it and it becomes void, because a minor may not make a valid contract.

Bankruptcy term referring to a payment or transfer made by the debtor to a creditor within a certain period of time before declaration of bankruptcy is made, to the disadvantage of other creditors seeking a share of remaining assets of the debtor; such payments may be set aside.