Final answer:
A voidable contract is initially considered valid and enforceable but can be voided by one or both parties under certain circumstances.
Step-by-step explanation:
A voidable contract is a contract that is initially considered valid and enforceable, but one or both parties have the option to void or cancel it. This typically occurs when one party was coerced, deceived, underage, or lacked mental capacity at the time of entering into the contract.
However, it is important to note that only the party with the legal right to void the contract can do so. For example, let's say a minor enters into a contract to purchase a car. Because the minor is underage and lacks the legal capacity to enter into a binding agreement, they have the option to void the contract at any time.
The other party, who is of legal age, cannot void the contract unilaterally. Therefore, the answer that BEST describes a contract that is voidable is C) A contract that may be valid.