2. CONTRACT
A contract is a legally binding agreement which recognises and governs the rights and duties of the parties
to the agreement. A contract is legally enforceable because it meets the requirements and approval of the
law. An agreement typically involves the exchange of goods, services, money, or promises of any of those. In
the event of breach of contract, the law awards the injured party access to legal remedies such as damages
and cancellation.
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3. CLASSIFICATINO OF CONTRACT
ACCORDING TO FORMATION
1. EXPRESS CONTRACT
2. IMPLIED CONTRACT
3. QUASI CONTRACT
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CLASSIFICATION OF CONTRACT
ACCORDING TO
ENFORCEABILITY
ACCORDING TO
FORMATION
ACCORDING TO
PERFORMANCE
1.VOID
AGREEMENT
2.VOID CONTRACT
3.VOIDABLE
CONTRACT
4.UNLAWFUL
AGREEMENT
5.ILLEGAL
AGREEMENT
6.UNENFORCEABL
E CONTRACT
1.EXECUTED
CONTRACT
2.EXECUTORY
CONTRACT
3.PARTLY
EXECUTED
CONTRACT
1.EXPRESS
CONTRACT
2.IMPLIED
CONTRACT
3.QUASI
CONTRACT
4. EXPRESS CONTRACT
• An express contract is a contract whose
terms the parties have explicitly set out.
• This is also termed as special
contract. In an express contract, all
the elements would be specifically
stated. In an express contract, the
agreement of the parties is expressed
in words, either in oral or written
form
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5. EXPRESS CONTRACT EXAMPLE
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• For example, where a landlord presents “A” with a
preprinted lease on the apartment that “A” wants and if
he agrees to the terms and signs it, then it is an
express, written contract. Another example is: “I offer to
sell you my 1987 Mercedes and after some
negotiations, you agree to purchase it on the terms we
have worked out, a bargain for less than $10,000.” This
is an express oral contract.
6. IMPLIED CONTRACT
An implied contract is a legally-binding obligation that derives from the actions,
conduct, or circumstances of one or more parties in an agreement. It is assumed
to exist, and no written or verbal confirmation is necessary. One form of
an implied contract is the implied warranty.
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IMPLIED CONTRACT EXAMPLE
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• For example, a contract is implied when a party
knowingly accepts a benefit from another party
in circumstances where the benefit cannot be
considered a gift. Therefore, the party accepting
the benefit is under a legal obligation to give fair
value for the benefit received. Opposite of
express contract.
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QUASI CONTRACT
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In essence, it's trying to correct a
situation where one party has
acquired something to the detriment
of the other party.
• Quasi contracts are also
referred to as implied-in-law
contracts. They're a special kind
of contract, lacking mutual
assent, but ordered by the court
to avoid an injustice.
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QUASI CONTRACT EXAMPL
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For example, quasi contracts are created by the court when no official agreement exists between the
parties, in disputes over payments for goods or services. The goal in the court’s creation of these
contracts is to prevent unjust enrichment to any party. To explore this concept, consider the following
quasi contract definition.
