How is a voidable contract classified when one party is under the age of majority?

A voidable contract is considered legally binding until it is voided by the party that holds the right to do so; in this case, that party is the individual who is under the age of majority. This means that while the contract remains valid and enforceable as long as the minor does not choose to void it, the minor has the option to affirm or reject the contract upon reaching the age of majority.

This principle acknowledges the legal protections in place for minors, allowing them to enter into contracts while still granting them the ability to void those agreements later if they choose. It is essential for understand that just because a contract is voidable does not mean it has no legal effect initially; it is valid until the minor decides to exercise their right to void it. This differs from a completely void contract, which would have no effect from the outset.