What is the difference between a void contract and a voidable contract?

A void contract has no legal force from the beginning because it lacks an essential element or has an illegal purpose. It cannot be enforced by either party and is treated as if it never existed, such as a contract to sell stolen property. A voidable contract is valid and enforceable but can be canceled by one party due to circumstances like fraud, misrepresentation, duress, undue influence, or the incapacity of a minor. The party with the right to void can choose to enforce or cancel the contract. Until the injured party acts, the contract remains binding on all other parties.