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    Types of Contracts

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    AYONA P S
    There are several ways that contracts can be classified. Based on enforceability, contracts may be valid, void, voidable, illegal, or unenforceable. Contracts are also classified based on their formation as express, implied, or quasi contracts. A third classification is based on performance, where contracts can be executed, executory, unilateral, or bilateral.

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    Types of Contracts

    Uploaded by

    AYONA P S
    31 views2 pages
    There are several ways that contracts can be classified. Based on enforceability, contracts may be valid, void, voidable, illegal, or unenforceable. Contracts are also classified based on their formation as express, implied, or quasi contracts. A third classification is based on performance, where contracts can be executed, executory, unilateral, or bilateral.

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    TYPES OF CONTRACTS

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    There are several ways that contracts can be classified. Based on enforceability, contracts may be valid, void, voidable, illegal, or unenforceable. Contracts are also classified based on their formation as express, implied, or quasi contracts. A third classification is based on performance, where contracts can be executed, executory, unilateral, or bilateral.

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    31 views2 pages

    Types of Contracts

    Uploaded by

    AYONA P S
    There are several ways that contracts can be classified. Based on enforceability, contracts may be valid, void, voidable, illegal, or unenforceable. Contracts are also classified based on their formation as express, implied, or quasi contracts. A third classification is based on performance, where contracts can be executed, executory, unilateral, or bilateral.

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    TYPES OF CONTRACTS

    Gist:
    Contracts may be classified based on enforceability, formation and performance. Based on
    enforceability, contracts may be valid, void, voidable, illegal and unenforceable. Express,
    implied and quasi contracts are the different types of contracts based on their formation.
    Based on the performance of the contracts, it may be executed, executory, unilateral or
    bilateral.

     Classification according to enforceability

     Valid contract: The Contracts which are enforceable in a court of law are


    called Valid Contracts. To attain Validity the Contract should have certain
    features like consensus ad idem, Certainty, free consent, two directional
    consideration, fulfillment of legal formalities, legal obligations, lawful object,
    capacity of parties, possibility of performance, etc.
     Void contract: A Contract which is not enforceable in a court of law is called
    Void Contract. If a Contract is deficient in any one or more of the above
    features (Except free consent and legal formalities). It is called Void Contract.
     Voidable contract: A Contract which is deficient in only free consent, is called
    Voidable Contract. That means it is a Contract which is made under certain
    pressure either physical or mental. At the option of suffering party, a voidable
    contract may become either Valid or Void in future.
     Illegal contract: If the contract has unlawful object it is called Illegal Contract.
     Unenforceable contract: A contract which has not properly fulfilled legal
    formalities is called unenforceable contract. That means unenforceable
    contract suffers from some technical defect like insufficient stamp etc. After
    rectification of that technical defect, it becomes enforceable or valid
    contract.

     Classification according to formation

     Express Contract: The Contracts where there is expression or conversation are called


    Express Contracts. For example: A has offered to sell his house and B has given
    acceptance. It is Express Contract.
     Implied Contract: The Contracts where there is no expression are called implied
    contracts. Sitting in a Bus can be taken as example to implied contract between
    passenger and owner of the bus.
     Quasi Contract: In case of Quasi Contract there will be no offer and acceptance so,
    Actually there will be no Contractual relations between the partners. Such a Contract
    which is created by Virtue of law is called Quasi Contract. Sections 68 to 72 of
    Contract Act read about the situations where court can create Quasi Contract.
    3.Classification according to performance

     Executed contract: It is a contract where both the parties to the contract


    have fulfilled their respective obligations under the contract.
     Executory contract: It is a contract where both the parties to the
    contract have still to perform their respective obligations
     Unilateral Contract: If considerations is to be moved in one direction
    only after the Contract, it is called Unilateral Contract.
     Bilateral Contract: If considerations in both directions are to be moved
    after the contract, it is called Bilateral Contract.

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