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Today we are discussing what makes a contract valid, void, or voidable. A valid contract meets basic elements of contract law, such as agreement on terms. A voidable contract can be rescinded if there is a material misrepresentation, fraud, or duress. In such cases, the contract can be voided at the option of the affected party. It's important to understand the difference between void and voidable contracts to protect your rights in a legal agreement.