An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract.

Explanation:

An agreement made with free consent to which the consideration is lawful but inadequate is voidable. Let's break down this statement to understand it better.

Agreement made with free consent:
For an agreement to be valid, it must be made with the free consent of all parties involved. Free consent means that the parties have agreed to the terms of the agreement without any coercion, undue influence, fraud, misrepresentation, or mistake. If there is any lack of free consent, the agreement may be voidable.

Lawful consideration:
Consideration is a vital element of a contract. It refers to something of value that is exchanged between the parties involved in the agreement. For an agreement to be valid, the consideration must be lawful. Lawful consideration means that it is not prohibited by law and is not against public policy.

Inadequate consideration:
In this context, inadequate consideration means that the value of the consideration exchanged by the parties is not proportionate. It may be significantly less than the value of the benefit received or promised. Inadequate consideration alone does not make an agreement void or voidable, as parties are free to negotiate and agree on the terms of their contract. However, it is important to note that grossly inadequate consideration may indicate a lack of free consent or an intention to deceive, which could render the agreement voidable.

Voidable:
A voidable agreement is one that is initially valid but can be voided or canceled at the option of one or more of the parties. In this case, if one party feels that the agreement was entered into under undue influence, fraud, misrepresentation, or mistake, they have the option to avoid the agreement. However, it is important to note that the party seeking to avoid the agreement must do so within a reasonable time and communicate their intention to the other party.

In conclusion, an agreement made with free consent to which the consideration is lawful but inadequate is considered voidable. This means that one or more of the parties involved have the option to avoid the agreement if they can prove that there was a lack of free consent or any other grounds for avoidance.

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