Types of Contract: Contract: Contract Is An Agreement Enforceable by Law. Between Two or
Types of Contract: Contract: Contract Is An Agreement Enforceable by Law. Between Two or
Types of Contract: Contract: Contract Is An Agreement Enforceable by Law. Between Two or
CONTRACT:
CLASSIFICATION OF CONTRACT:
Express contract
Implied contract
Quasi contract
EXPRESS CONTRACT:
IMPLIED CONTRACT:
QUASI CONTRACT:
Executed Contract
Executory Contract
EXECUTED CONTRACT:
For example, A agrees to sell a sofa set to B. A has delivered the sofa
set and B has paid the price.
EXECUTORY CONTRACT:
Under the method of the parties of the contract may be two kinds
Bilateral Contract
Unilateral Contract
BILATERAL CONTRACT:
UNILATERAL CONTRACT:
Formal contract
Informal contract
FORMAL CONTRACT:
(b) Contracts under seal are written documents signed, sealed and
delivered by the parties. Such a contract is based on form alone. No
consideration is necessary in such contract.
INFORMAL CONTRACT:
1. Valid Contract
2. Void Agreement
3. Void able Contract
4. Unenforceable Agreement
5. Illegal Agreement
VALID CONTRACT:
VOID CONTRACT:
UNENFORCEABLE CONTRACT:
ILLEGAL AGREEMENT:
For example, X agrees to pay Rs. 1 lakh when Y kills Z. Y kills and
claims only Rs. 0.5 lakh. Y cannot recover from X because the
agreement between X and Y is illegal and also its object is unlawful.