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In this tutorial, the speaker discusses the distinctions between valid, voidable, and void contracts. A valid contract contains all four essential elements: mutual consent, capable parties, lawful object, and consideration. These elements can be presented in any order, but all must be present for the contract to be valid. A voidable contract also includes all four elements but can be rescinded under certain circumstances. For instance, if someone signs a contract to buy a house, believing it is blue, but it turns out not to be, the contract might be voidable. Understanding these differences is crucial for contract law.
