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Today we are discussing the validity of contracts. A valid contract meets the basic elements of contract law, such as agreement and consideration. An example is signing to buy a blue house and receiving a blue house, making the contract valid. On the other hand, a voidable contract occurs when there is a discrepancy between what was agreed upon and what was delivered, like receiving a green house instead of a blue one. In this case, the party may choose to rescind the contract. Contracts can also be voidable if there is fraud, misrepresentation, or if they were signed under duress.