When is a contract typically considered voidable?

A contract is typically considered voidable when consent is obtained under false pretenses, which means that one party was misled or deceived in some way when entering into the agreement. This situation undermines the essential principle of mutual assent, which is foundational for a valid contract. If a party is induced to agree to the contract based on misinformation or deceit, they have the option to affirm or reject the contract upon discovering the truth.

In contrast to this, a failure of one party to perform the obligations under the contract does not automatically render the entire contract voidable; instead, it may lead to a breach of contract. Feelings of remorse from one party do not provide legal grounds for voiding the contract either. Additionally, while a lack of consideration may render a contract unenforceable, it does not relate directly to the concept of one party being misled, which is the critical aspect that defines a voidable contract.