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In today's tutorial, the speaker discusses the differences between valid, voidable, and void contracts. A **valid contract** contains all four essential elements: mutual consent, capable parties, lawful object, and consideration. The order of these elements does not matter as long as all are present. A **voidable contract** also includes these elements but can be rescinded for specific reasons. For instance, if you sign a contract believing you are purchasing a blue house, and upon arrival find it to be a different color, this contract may be voidable. The nuances between these types of contracts are crucial to understand for effective legal engagements.