Compare valid, void, voidable, and unenforceable contracts.

 
1.Valid contract. A valid contract meets all the essential elements to establish a contract. In other words, it (a) consists of an agreement between the parties, (b) is supported by legally sufficient consideration, (c) is between parties with contractual capacity, and (d) accomplishes a lawful object. A valid contract is enforceable by at least one of the parties.
2. Void contract. A void contract has no legal effect. It is as if no contract had ever been created. A contract to commit a crime is void. If a contract is void then neither party is obligated to perform the contract and neither party can enforce the contract.
3. Voidable contract. A voidable contract is a contract in which at least one party has the option to void his or her contractual obligations. If the contract is voided, both parties are released from their obligations under the contract. If the party with the option chooses to ratify the contract, both parties must fully perform their obligations.
4. Unenforceable contract. With an unenforceable contract, there is some legal defense to the enforcement of the contract. If a contract is required to be in writing under the Statute of Frauds but is not, the contract is unenforceable.
 

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