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In this video, the presenter discusses the key differences between void and voidable contracts. A contract is defined as a legally enforceable oral or written agreement between two parties, creating mutual obligations. It outlines the rights and duties of each party along with the terms and conditions of the agreement. The concept of an agreement is introduced, which occurs when one party offers something and the other party accepts it. This relationship can be summarized as offer plus acceptance equals agreement, where the offer specifies what will be provided, and acceptance signifies consent to that offer.
