MBA 2nd semester.. indian contract act

1. PRESENTED BY:- SOORAJ KUMAR

2. DEFINITION OF CONTRACT
• According to Sec 2 (h) of Indian Contract Act ,
1872, the term contract is defined as:-
• ‘An agreement enforceable by law’.

4. BASED ON FORMATION
• EXPRESSED :-The terms of the contract are
expressly agreed upon (whether orally or in
writing) at the time of formation. Ex: Oral
offer and acceptance.
• IMPLIED:-Implied contract: An implied
contract is one which is inferred from the acts
or conduct of the parties or from the
circumstances of the cases.

5. Tacit contract:
Individual psychological contract as interpreted
by a third person who is trying to understand the
terms of the exchange relationship.
Quasi Contract:-
• Created by law.
• It doesn’t arise by virtue of any agreement but
the law infers or recognizes these contracts under
special circumstances.

6. E-Contract: -
• E-Contract is the one which is entered between
the parties via internet.
Based on Validity
Valid Contract:-
• An agreement enforceable by law is a valid
contract.
• Contract that has all essential elements of
contract.

7. Voidable contract:-
. Contract which is acceptable by law at the option
of one party but not at other.
Void Contract:-
• A contract which ceases to be enforceable by law
becomes void when it ceases to be enforceable.
Illegal contract:-
.Contracts which are forbidden by law. “All illegal
agreements are void agreements but all void
agreements are not illegal.”

8. Unenforceable Contract:-
• Contract is good in substance but because of
some technical defect it cannot be enforced by law.
Based on Execution
An executed:-
.contract is one in which both the parties have
performed their respective obligation.
Executory contract:-
• Contract in which one or both the parties to the
contract have still to perform their obligations in
future.

9. Based on Liability
Unilateral Contract:-
.A unilateral contract is one in which only one party has to
perform his obligation at the time of the formation of the
contract.
Bilateral contract:-
• A bilateral contract is one in which the obligation
on both the parties to the contract is outstanding at
the time of the formation of the contract.