What term refers to a contract in which one party has the option to cancel?

The term that refers to a contract in which one party has the option to cancel is known as a voidable contract. This type of contract is legally valid and enforceable unless one of the parties chooses to void it. Typically, a voidable contract arises in situations such as contracts with minors, contracts entered into under duress, or agreements that involve misrepresentation or fraud. If a party has the right to cancel the contract, they can choose to enforce it or decide not to proceed, giving them an additional layer of protection.

Void contracts, on the other hand, are those that are not legally binding from the beginning and cannot be enforced by either party. Conditional contracts require certain conditions to be met for the contract to become enforceable, but they don't specifically grant one party the right to cancel unilaterally. Enforceable contracts are valid agreements that can be upheld in a court of law but do not necessarily imply the presence of an option to cancel.