If a contract is entered into without the free consent of the party, it is considered a cancelled contract. The definition of the law states that a non-contractual contract is legally applicable to the choice of one or more parties, but not to the choice of the other parties. A cancelled contract may be considered valid if it is not terminated by the aggrieved party within a reasonable period of time. A composition with creditors is an agreement not only between the debtor and the creditors, but also between the creditors themselves to accept less than everyone owes. It is a contract and such an agreement is largely governed by contract law. There must be a meeting of minds or mutual consent between the debtor and the creditors before creating a composition. A debtor must accept an offer from creditors to accept partial payment of the unpaid amounts in order for the composition to be binding. Creditors themselves must also accept the amount they accept to satisfy their debts. They rely on reciprocal concessions of their full payment rights in order to achieve the common goal of guaranteeing their claims.
Failure to comply with the terms of a composition forms the basis of an action for violation of the agreement. The debtor is not exempt from the payment obligation until he has complied with the payment rules. All debts that are part of a composition are erased as soon as a composition has been terminated. Black`s Law Dictionary defines as follows for what is recognizable: Typical reasons for cancelling a contract are coercion, inappropriate influence, misrepresentation or fraud. A contract entered into by a minor is often cancelled, but a minor can only circumvent a contract during his minority status and for a reasonable period of time after reaching the age of majority. After a reasonable period of time, the treaty is considered ratified and cannot be avoided.  Other examples would be real estate contracts, lawyers` contracts, etc. It`s Voidable. What can be avoided or cancelled; not absolutely undulated or not in itself.
It introduces a valid legal act that can be avoided and not an invalid legal act that can be ratified. United States vs. Price, D.C. Iowa, 514 F.Supp. 477,480 If a creditor is paid in secret more or gets a preference, other creditors can cancel the agreement because the law protects against the unequal treatment of creditors. The preferred creditor cannot enforce the agreement or invalidate it. The debtor is entitled to recover payments made to such a creditor under the theory that a debtor is threatened by pressure from a creditor entitled to compel the debtor to go bankrupt by refusing to enter into a composition. The act of annulment of the treaty by the party, which makes use of its rights to annul the nullity treaty, is generally referred to as either the annulment of the treaty (in the United States and Canada) or bypass of the treaty (in the United Kingdom, Australia and other common law countries).
Voidable is legally a transaction or deed that is valid, but can be cancelled by one of the parties to the transaction. Voidable is generally used in the initio distinction (or not from the beginning) and unenforceable. Although the law varies from country to country, most disputes over the nullity or cancellation of a transaction turn to the ability to transfer ownership to goods. In many jurisdictions, if a transaction is valid but cancelled, the right to the property is still under the transaction, and the beneficiary can sell it with a good security.