Introduction:
When entering into a contract, it is essential that the consent of all parties involved is obtained genuinely and without any fraudulent practices. Consent obtained through fraud can have serious implications on the validity of the contract. In such cases, the contract is generally considered to be voidable rather than void or illegal.

Explanation:
1. Void:
A contract is considered void when it lacks the essential elements required for a valid contract. These essential elements include offer and acceptance, lawful consideration, capacity to contract, free consent, and a lawful object. If the consent of a party is obtained by fraud, it does not necessarily mean that the contract is void as per the Indian Contract Act, 1872.

2. Voidable:
When the consent of a party is obtained through fraud, the contract becomes voidable. This means that the aggrieved party has the option to either affirm the contract or rescind it. The aggrieved party can choose to enforce the contract or seek its cancellation based on the fraudulent practices involved.

3. Valid:
A contract is considered valid when it fulfills all the essential elements required for a legally binding agreement. However, if the consent of a party is obtained by fraud, the contract cannot be considered entirely valid. It becomes subject to the right of the aggrieved party to choose whether to continue with the contract or terminate it.

4. Illegal:
The term "illegal" refers to activities that are prohibited by law or are against public policy. While fraud is indeed an illegal act, it does not make the entire contract illegal. The contract can still be considered legal with the exception that the consent of a party was obtained through fraudulent means.

Conclusion:
When the consent of a party is obtained by fraud, the contract is generally considered voidable. This means that the aggrieved party has the option to either affirm the contract or rescind it. It is important to note that while fraud is an illegal act, it does not necessarily make the entire contract illegal. The contract can still be considered legal, albeit with the fraudulent consent being a major issue that may lead to termination or renegotiation.