Types of contract

1. NAME :M.VASANTHA KUMAR
CLASS : II B.COM ‘B’
ROLL NO : 18UR51
SUBJECT : BUSINESS LAW

2. 1. VALID CONTRACT
An agreement enforceable by law
when all the essential features of valid
contract are present.
2.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”

3.  Voidable contract
A contract becomes voidable when the
consent is not free.
Usually a contract becomes voidable
when the contract 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.  1.EXPRESS CONTRACT
CONTRACT formed with words spoken or
written, is an express contract.
Eg- A tells B on phone that he wants to buy
his car for 8000 and B accepts the offer on phone, this is
an express contract

5.  2. IMPLIED CONTRACT
When the offer and acceptance is made
by acts or conducts of the parties, its is an
implied contract.
For Eg- A, A COOLID IN UNIFORM takes up the
luggage of B at railway station and B allows
him to do so, then the services of A. This is
an implied connttract.

6.  3. QUASI CONTRACT
Quasi contract doesn’t arise by virtue of any
agreement, but the law infers or recognises
these contracts under special circumstance.
for eg- claims for necessaries supplied to
an incapable person.

7.  EXECTED CONTRACT
A contract is said to be executed contract
when both the parties to a contract have
performed their obligation.
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.

8.  EXECUTORY CONTRACT
WHEN Either both the parties to a contract
have still perform their share of obligation,
then it is executory contract.
for eg A buys a car from B for Rs 10000
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.