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Contracts are essential in real estate transactions, and it's important to understand their validity. A valid contract is legally enforceable, while void and voidable contracts differ in terms of enforceability. In this video, Zach from Real Estate License Wizard explains what constitutes a valid, void, and voidable contract, focusing on their implications in real estate. Key points include the four essential requirements for a valid contract: 1) parties must be at least 18 years old and mentally competent, 2) the contract must have a legal purpose, 3) it must include clear consideration, and 4) it must demonstrate mutual consent. For further details, watch the linked video.
