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In today's tutorial, the speaker discusses the distinctions between valid, voidable, and void contracts, emphasizing the importance of these concepts. A valid contract includes all four essential elements: mutual consent, capable parties, lawful object, and consideration. The presenter notes that the order of these elements is flexible as long as all four are present. Conversely, a voidable contract contains all four elements but can be rescinded for specific reasons, such as misunderstanding terms. For instance, if a buyer contracts for a blue house but discovers it’s a different color upon inspection, the contract may be voidable.
