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In this video, the presenter discusses the difference between void and voidable contracts. A contract is defined as a legally binding agreement between two parties that creates mutual obligations. It requires an offer from one party and acceptance from another, culminating in an agreement. The terms and conditions of the contract outline the rights and duties of each party involved. The presenter aims to clarify these concepts, emphasizing that a valid contract is enforceable by law and meets legal requirements. The distinction between void and voidable contracts will be explored in the tutorial.