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LAB Assignment: Q. What Are The Types of Contracts ?

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Bhushan Bele
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12 views

LAB Assignment: Q. What Are The Types of Contracts ?

Uploaded by

Bhushan Bele
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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LAB Assignment

Name :- Bhushan Bele


Roll No:-21312
Div :- c
Q. What are the types of Contracts ?
Ans. Following are the various types of contracts

1.On the Basis Of Enforceability


i. Valid Contract :- A contract which fulfils all the essential requirement of a contract
given under section 10 . example X offers to marry Y . Y accepts X offer . This is
valid contract
ii. Void contract :- It is a contract without any legal effect and cannot be enforced in a
court of law . Where both parties to an agreement are under a mistake of fact, when
the consideration or object of an agreement is unlawful an agreement without
consideration are instances of void contract eg. A and B contract to marry each other .
Before the time fixed for marriage A goes mad . The contract become void
iii. Voidable Contract :- A contract is considered as voidable on the existence of an
agreement which is enforceable by law at the option of one or more of the parties
concerned, but not at the option of the others.
iv. Void Agreement :- Section 2 (g ) says that an agreement not enforceable by law is
void
v. Illegal Contract :- It is contract forbidden by law .All illegal contracts can be
void/voidable/valid, but it cannot be the other way around. For example, party X may
have a contract to sell narcotics to party Y, and the contract may be on par with the
essentials. Such a contract is valid on the basis of these essentials but is otherwise
illegal
vi. Unenforceable Contract :- A contract is unenforceable if it fails to complete the
required legal obligations. Such a contract can be enforced upon completing these
formalities, the likes of which mostly occur in the form of technical defects.

2. On the Basis of Formation :-

i. Express Contract :- A contract is said to be “Express” if the proposal or acceptance


of any promise is made in words, be it in the written or oral form. The provision is
subject to the condition that the offer so made gains the acceptance of the acceptor.
ii. Implied Contract :- An implied contract is in stark contrast to an express contract,
i.e. it isn’t expressed in written or oral form.
iii. Quai-Contract :- Quasi Contracts, unlike others, hold no contractual relations
between the partners but are created by virtue of law. The court may form a Quasi-
Contract under any of the following circumstances:

 Upon the supply of essentials


 Where the expenses of one person are met by another.
 Where one party gains by the activity of another.
 In the case of the finder of lost tools.
 Upon mistaken payments/supply of goods

3. On the basis of Performance:-

i. Executed Contract :- An executed contract is one in which both the parties have
performed there respective obligation . The consideration in a given contract should
be act or the forbearance . eg. A makes an agreement for buying one hundred cotton
bales from from B @ 5000 per bale . B delivers these cotton bales to A and in return
of it A makes payment to B . This contract becomes executed one .
ii. Executory Contract :- An executory contract is one where one or both the parties to
the contract have still to perform their obligation. Thus a contract which is partially
performed or wholly unperformed is termed as executory contract.

4. On the Basis of Obligation :-

i. Unilateral Contract :- A contract is classed as unilateral where only one party makes
a promise, which could be availed by anyone who is ready to be committed to the
same. Such a contract can only be fulfilled if someone else fulfils the promise.
ii. Bilateral Contract :- A contract is called bilateral, or in other words reciprocal, when
it comes with mutual considerations. It is formed when two parties agree to the
contractual terms of each other.

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