What are the three types of contracts based on enforceability?

The correct answer identifies the three primary categories of contracts based on their enforceability, which are valid, void, and voidable contracts.

A valid contract is one that meets all legal requirements and is enforceable in a court of law. It represents an agreement that is both legally binding and carries obligations that the parties must uphold.

In contrast, a void contract is one that is not legally enforceable from the moment it is created. This can happen due to several reasons, such as the contract's subject matter being illegal or the parties lacking the capacity to contract. Because it is void, it is as if the contract never existed in the eyes of the law.

A voidable contract, on the other hand, is a valid contract that one or more parties may have the option to affirm or reject. This can arise in situations such as contracts entered into by minors or contracts where misrepresentation or undue influence occurred. The party with the option to void the contract can choose to either enforce it or declare it void.

The other answer choices do not accurately reflect the classifications of contracts based on enforceability. For example, the options mentioning conditional or irrevocable contracts do not fit fundamentally into how enforceability is defined in contract law. Understanding these distinctions is crucial