In a voidable contract, which statement is true regarding the parties involved?

In a voidable contract, the key aspect is that only one party has the right to decide whether to affirm or void the contract. This typically occurs when one of the parties to the contract enters into it under circumstances that allow for rescission, such as duress, fraud, misrepresentation, or undue influence. The party who is disadvantaged by these circumstances can choose to void the contract if they decide that the contractual terms are not acceptable or have been affected by these issues.

This means that the other party must respect the decision of the party that has the right to void the contract. While both parties may have obligations under the contract while it is in effect, the power to void rests solely with the party who has the right to do so. Thus, option B accurately reflects this specific characteristic of voidable contracts.