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In this tutorial, we explore the concepts of valid, void, and voidable contracts. A valid contract is one that fulfills all essential elements of contract law, exemplified by a signed agreement to purchase a blue house that is indeed blue. An avoidable contract allows one party to rescind the agreement under certain conditions. For instance, if the house is unexpectedly green, the buyer has the option to withdraw since the agreement was for a blue house. However, this situation is not classified as void but rather voidable, as the buyer may still prefer the green color. Additionally, contracts involving fraud, misrepresentation, or signed under duress are considered voidable.
