Concept:A contract that is valid and binding but may be lawfully rejected at the option of one party or a third party is a voidable contract.
Explanation:The contract exists and is enforceable until the person entitled decides to avoid it.
This right to reject at will arises where the agreement was induced by fraud, coercion, or undue influence, or where a party is a minor or mentally impaired.
A valid contract cannot be rejected at will because both parties are equally bound.
A quasi contract is an obligation imposed by law without any real agreement between the parties.
A conditional contract depends on a future event before it becomes effective.
Only a voidable contract gives an eligible party or third party the opportunity to reject it without penalty.
Answer:C. voidable contract