Contract: Contract is defined as an agreement enforceable by law. Therefore, contract is an agreement based upon a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are, offer, acceptance, consideration, writing requirements, mutuality of obligation, and competency and capacity. ---------------------------------------------------------------------- distinction between a void and a voidable contract: Difference between Executive and an executory contract: Difference between a unilateral and bilateral contract:Void ContractVoidable contracta void contract becomes invalid at the time of its creationa voidable contract only becomes invalid if it is cancelled by one of the two partiesno performance is possiblePerformance is possible Solution Contract: Contract is defined as an agreement enforceable by law. Therefore, contract is an agreement based upon a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are, offer, acceptance, consideration, writing requirements, mutuality of obligation, and competency and capacity. ---------------------------------------------------------------------- distinction between a void and a voidable contract: Difference between Executive and an executory contract: Difference between a unilateral and bilateral contract:Void ContractVoidable contracta void contract becomes invalid at the time of its creationa voidable contract only becomes invalid if it is cancelled by one of the two partiesno performance is possiblePerformance is possible.