Understanding Contract Vocabulary

The video tutorial discusses the enforceability of contracts, explaining that a contract is enforceable when it can be upheld in court. It distinguishes between enforceable and valid contracts, noting that a contract can be valid but unenforceable if it lacks certain requirements, such as being in writing. The tutorial also defines void contracts, which are never valid, and voidable contracts, which can be invalidated by one or both parties. Understanding these terms is crucial for comprehending contract law.

Describe the conditions under which a voidable contract may become valid.

Why is it important to understand the terms enforceable, valid, void, and voidable in contracts?