What term refers to a contract that can be canceled by one party?

A voidable contract specifically refers to an agreement that is initially valid and enforceable but can be canceled or voided by one party under certain circumstances, typically related to issues such as misrepresentation, fraud, undue influence, or a lack of capacity. This means that while the contract holds binding power, one party has the option to invalidate it if they choose to do so.

The other terms do not reflect the same meaning. A void contract is one that is not legally enforceable from the moment it is created, as it lacks essential elements of a valid contract. An enforceable contract refers to an agreement that is legally binding and can be upheld in court; it does not convey any option for cancellation by a single party. An executed contract is one that has been fully completed with all obligations fulfilled by both parties, which does not imply any potential for cancellation. Thus, voidable contracts are unique in that they allow for unilateral cancellation, making this term the correct answer.