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This tutorial explains the distinctions between valid, void, and voidable contracts. A valid contract meets all the essential elements of contract law, such as mutual agreement. For example, if you sign a contract to buy a blue house, it is valid if the house is indeed blue. A voidable contract allows one party to withdraw; for instance, if you agree to buy a blue house but find it is green, you can choose to rescind the contract, though the option to proceed remains. Contracts involving fraud, misrepresentation, or those signed under duress, such as under threat, are also considered voidable, highlighting the importance of genuine consent in contract law.
