What legal term describes a situation where a contract can still be affirmed or rejected by one party?

The correct term for a situation where a contract can still be affirmed or rejected by one party is "voidable." A voidable contract is one that is valid and enforceable, but one party has the option to withdraw from the contract or affirm it. This typically arises in circumstances such as misrepresentation, fraud, undue influence, or where one party is a minor. The power to affirm or reject provides flexibility and protects the interests of the party who may have been disadvantaged or pressured into the agreement.

Void contracts, on the other hand, are not enforceable from the beginning due to a lack of legal validity caused by factors such as illegality or a lack of capacity. Enforceable contracts are those that are legally valid and can be upheld in court, without the option of one party to reject them. Irrevocable contracts cannot be altered or withdrawn from once agreed upon, which differs fundamentally from the concept of voidable contracts, where at least one party retains the right to make that choice.