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In this video tutorial, the host, Survey, explains the key differences between void and voidable contracts. He begins by defining a contract as an oral or written agreement between two parties that is enforceable by law, meaning it is legally binding and creates mutual obligations. The contract outlines the rights and duties of the involved parties, as well as the terms and conditions of the agreement. Additionally, he clarifies that an agreement arises when one person makes an offer, and the other accepts it, summarizing that offer plus acceptance leads to an agreement, where the offer specifies what is to be provided and acceptance indicates consent.
