1. What is a void contract? A void contract is a contract which fails to be enforceable by law is considered as void contract from the time when it lacks enforceability. 2. What is a voidable contract? (LO 6.2, 6.5, 6.6, 6.7) Voidable contract refers to a contract in which one party is in a position or has the right to rescind or enforce the contract, when it is found out the contract contains some defects, as to the free consent. 3. What does it mean if a contract is "illegal by statute"? (LO 6.1, 6.4) 4. What does it mean if a contract is "against public policy"? (LO 6.1, 6.4) I 5. In what types of contracts will a minor be bound? Why are these exceptions necessary? (LO 6.1, 6.5) 6. What three conditions must be met for a person to get out of a contract they agreed to online by mistake? (LO 6.1, 6.6)