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In this tutorial, the presenter discusses the difference between void and voidable contracts. A contract is defined as an oral or written agreement between two parties that is enforceable by law, meaning it is legally binding and creates mutual obligations. The key elements of a contract include the rights, duties, and terms agreed upon by the parties. The video explains that an agreement arises when one party makes an offer, and the other party accepts it. In summary, a contract is formed when an offer and acceptance combine, where the offer details what will be provided, and acceptance indicates consent to the offer.
