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In this tutorial, the distinction between valid, voidable, and void contracts is explained. A valid contract includes all four essential elements: mutual consent, capable parties, lawful object, and consideration. The order of these elements can vary, but all must be present for the contract to be considered valid. A voidable contract also contains all four elements but can be rescinded under certain circumstances. For instance, if a buyer believes they are purchasing a blue house but discovers it is not blue upon signing, they may have grounds to void the contract. Understanding these differences is crucial for navigating contracts effectively.
