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In this tutorial, the speaker discusses the distinctions between void, voidable, enforceable, and unenforceable contracts. A contract is defined as a legally binding agreement between two or more parties to perform a legal act for consideration. Contracts can be written, verbal (oral), or implied through actions. Written contracts minimize future litigation risks and allow parties to review terms before finalizing. Moreover, partial performance may render an otherwise unenforceable contract valid through court action. An example given is an oral purchase agreement, which typically requires a written form to be enforceable, highlighting the importance of written contracts in legal agreements.
