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In this video, the host, Survey, explains 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 establishes mutual obligations. The video outlines that a contract specifies the rights and duties of the parties involved along with the terms and conditions of the agreement. An agreement is formed when one party makes an offer that the other party accepts, summarizing this relationship as "offer plus acceptance equals agreement." The host emphasizes understanding these foundational concepts to grasp the differences between contract types.
