Explanation:

- Void: A contract is void if it is illegal or against public policy. It cannot be enforced by law from the beginning.

- Voidable: A voidable contract is initially valid and binding but can be voided by one of the parties. Common reasons include misrepresentation or coercion.

- Valid: A valid contract is legally binding and enforceable by law. An alteration with mutual consent forms a new valid agreement.

- Discharged: A contract is discharged when it's terminated through performance, agreement, or impossibility, ending the contractual duties.

Correct Answer: Valid