Define ‘contract’? Classify contracts on the basis of validity, formation and performance.

A contract can be defined as a legally binding agreement between two or more parties that is enforceable by law. It is an agreement where the parties involved have mutual obligations and rights, and it sets out the terms and conditions under which the parties will perform their respective duties. In the context of facility management, contracts are essential to define the terms under which various services are provided, such as maintenance, security, cleaning, and other facility management functions. A contract in facility management outlines the scope of services, performance standards, penalties, payment terms, and other specific provisions that ensure smooth operation and maintenance of a facility. 

### Classification of Contracts Based on Validity:

1. Valid Contract:
   A valid contract is one that meets all the essential elements required for its formation and is legally enforceable. These elements include offer, acceptance, consideration, mutual consent, and the capacity of the parties involved. A valid contract in facility management ensures that all parties understand their obligations and responsibilities clearly. For instance, when a facility manager hires a service provider to maintain the HVAC system of the building, the terms are clearly stated, and both parties agree to the maintenance schedule, pricing, and performance standards. 

2. Void Contract:
   A void contract is one that lacks one or more of the essential elements of a valid contract. As such, it cannot be enforced by law. This type of contract is deemed to be invalid from the beginning and has no legal effect. For example, a contract made for an illegal purpose, such as hiring a cleaning service to clean areas that violate health and safety regulations, would be void. 

3. Voidable Contract:
   A voidable contract is initially valid, but one of the parties involved has the option to void or rescind the contract. This can happen if one party was coerced, misled, or not of sound mind at the time of agreement. In the facility management sector, a voidable contract could arise if ___ _________ _________ ___ ________.
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