A contract is a legally binding agreement that creates rights and obligations that can be enforced in court. There are several key elements for a valid contract: offer and acceptance, consideration, intention to create legal relations, and capacity to contract. Contracts can be written, oral, or implied. They are either bilateral, with promises exchanged on both sides, or unilateral, with an action promised in exchange for a promise. A contract that is missing a key element may be considered void, voidable, or illegal.

1. INTRODUCTION LAW OF CONTRACT

17. Classification of Contracts Classification according to validity Voidable contracts Void contracts Illegal contracts Unenforceable contracts Classification according to formation Express contracts Implied contracts Quasi contracts E-commerce contracts

18. Classification of Contracts….. Classification according to Performance Executed contracts Executory contracts Unilateral or one-sided contracts Bilateral Contracts Classification according to formation Formal Contracts (a) Contracts of Record: is either a judgment of a court or recognisance (b) Contracts under seal: A contract under seal is one which derives its binding force from its form alone. Simple contracts:

19. Unilateral Contracts or one-sided contracts ….. A contract in which only one party has to fulfill his obligation at the time of the formation of the contract, the other party has fulfilled his obligation at the time of the contract or before the contract comes into existence. (Contracts with the executed consideration) Bilateral contracts: In which obligations on the part of both of the parties to the contract are outstanding at the time of the formation of the contract. (Contracts with the executory consideration)

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