Final answer:
The term 'voidable' means a contract remains valid until a party entitled to do so chooses to void it. If Mrs. Jones does not approve of the contract, it becomes voidable at the option of the Joneses. Until disapproval is expressed, the contract stays binding and enforceable.
Step-by-step explanation:
The term voidable refers to a situation where a contract remains valid until one party decides to void it. In the context provided, if Mrs. Jones does not approve of the contract, the Joneses have the option to make the contract voidable. However, until and unless Mrs. Jones expresses disapproval, the contract is considered valid and binding.
In legal terms, contracts can be void, voidable, or valid. A void contract is inherently unenforceable. A voidable contract, on the other hand, is a valid and enforceable contract until one of the parties entitled to do so decides to void it. Such a situation often arises when there has been a misrepresentation, fraud, undue influence, or lack of capacity at the time the contract was entered into.
Here, assuming that there is a condition in the contract that requires Mrs. Jones's approval, her lack of consent could give them the right to rescind the agreement. It's important to note that the power to void the contract typically lies only with the parties that the contract is voidable against - in this case, presumably, the Joneses.