Kinds of Contract ?

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 In contract law we have different kinds of contracts. These contracts can be grouped based on how they're formed if they are valid how they are performed and enforced.

 The main types of contract are given below :-

1. On the Basis of Formation

a. Express Contract : The terms of the express contract are clearly stated in words and this can be done by talking or, by writing it down. 

Example: A written agreement between employee and employer.

b. Implied Contract : The terms of implied contract denotes contract which is unwritten but formed by conduct or circumstances of any activities.

Example: Paying a bus fare , Pay compensation for damage at the time of Carriage any goods.

c. Quasi-Contract : Not a real contract but imposed by law to prevent unjust enrichment.

Example: Finding and returning lost goods.


2. On the Basis of Validity

a. Valid Contract : The contract which has fulfil all legal requirements of valid contract ( Like: offer, acceptance, consideration, capacity, lawful object).

b. Void Contract : The contract which is invalid from the beginning.

c. Voidable Contract : Enforceable at the option of one party (e.g., contract induced by coercion or fraud).This contract will be valid if both parties agree to perform its term and conditions.

d. Illegal Contract : The contract which is forbidden by law.

e. Unenforceable Contract : Valid but cannot be enforced due to technical defects (e.g., lack of written form, lack of capacity to perform, after liquidation of company).


3. On the Basis of Performance

a. Executed Contract : The contract which is fully performed by both parties.

b. Executory Contract : This is a type of contract where the performance of the Executory Contract is still not finished. The people involved in the Executory Contract have not done what they said they would do yet. The work, for the Executory Contract is still pending.

c. Unilateral Contract : This is when one party has already done what they said they would do. Now the other party has to do what they said they would do in the Unilateral Contract.

d. Bilateral Contract : This is when both parties in a Bilateral Contract have to do what they said they would do. In a Bilateral Contract both parties are responsible, for following terms and conditions on their promises.


4. On the Basis of Obligation

a. Absolute Contract : The contract whose performance is unconditional, parties must need to perform is absolute contract.

b. Contingent Contract : This kind of  contract which binding after certain event, or in which when someone has to do something but only if something else happens first. Conditional contract are also called contingent contract.


5. On the basis of Enforceability and Territory

a, Domestic Contract : Enforceable within the country.

b. International Contract : Enforceable out of country also when parties belong to different countries.

Thank You !!!


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