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From Business Law
Offer vs invitation to offer:
Bill of exchange vs cheque:
Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow.
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Contracts can be classified based on validity. Understanding the difference between valid, void and voidable contracts is important for exam questions.
A void agreement is void from the beginning. A void contract may become void later due to impossibility. A voidable contract remains valid until the aggrieved party rescinds it.
Therefore, the nature of enforceability is the key difference among these categories.