Classification of Contracts - Business Regulations

1. Regulations are rules or directives made and maintained by
an authority to control conduct.
Syeda Ayesha Hidayath
What are Business Regulations?

2. Contracts
 As per the terms of Section 2(h) of Indian
Contract Act, 1872 Defines contract as ” An
Agreement Enforceable by Law “CONTRACT =
ACCEPTED PROPOSAL/AGREEMENT +
ENFORCEABILITY BY LAW .
 A contract is an agreement between two parties
that creates an obligation to perform (or not
perform) a particular duty.
 It's an agreement, either written or spoken,
between two or more parties that creates a legal
obligation.

3. Classification of Contracts
In business law Contracts can be divided into
three categories. They are:
 Contracts are made based on the mode of
formation/Creation
 Contracts are made based on performance.
 Contracts are made based on
Enforcement/validity.

4. Contracts are made based on the
mode of formation/Creation
Express contract
Implied contract
Quasi-contract
E Contracts

5. Contracts are made based on the
performance
Executed contracts
Executory contract (
Execution date & Effective
Date )
Partly Executed and partly
executory contract
Unilateral contract
Bilateral contract

6. Contracts are made based on
Enforceability/Validity
Valid Contract
Void Contract
Voidable Contract
Illegal Contract
Unenforceable Contract