Types of contract
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Various types of Contract
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Types of contract
- 2. 1. Valid Contract An agreement enforceable by law when all the essential features of a valid contract are present.
- 3. 2. Voidable Contract A contract becomes voidable when the consent is not free. Usually a contract becomes voidable when the consent of one of the parties to the contract is not free. Eg- A, threatens to shoot B if he does not sell his bike to A. B agrees. This contract is voidable at the option of B
- 4. 3. Void Contract A void contract is the contract that has no legal effect at all. “ A contract which ceases to be enforceable by law becomes void, when it ceases to be enforceable by law.”
- 5. 1. Express Contract Contracts formed with the words spoken or written, is an express contract. Eg- A tells B on phone that he wants to buy his car for Rs 80,000 and B accepts the offer on phone, this is an express contract.
- 6. 2. Implied Contract When the offer and acceptance is made by acts or conducts of the parties, it is an implied contract. For eg- A, a coolie in uniform takes up the luggage of B at Railway Station and B allows him to do so, then the law implies that B will have to pay for the services of A. This is an implied contract.
- 7. 3. Quasi-Contract Quasi-contract doesn’t arise by virtue of any agreement, but the law infers or recognises these contracts under special circumstances. For eg- Claims for necessaries supplied to an incapable person. 2. Responsibilities of finder of goods.
- 8. 1. Executed Contract A contract is said to be executed contract when both the parties to a contract have performed their obligations. For eg- When a bookseller sells a book on cash payment, it is an executed contract because both the parties have done what they were to do in a contract.
- 9. 2. EXECUTORY CONTRACT When either both the parties to a contract have still to perform their share of obligation, then it is executory contract. For eg- A buys a car from B for Rs 100,000. Now, A has made the payment but B has not transferred the contract, it is an executory contract as the parties have to meet the obligation.