Regulations are rules created by an authority to govern conduct. There are three types of business contracts: those based on formation (express, implied, quasi, e-contracts), performance (executed, executory, partly executed), and enforceability (valid, void, voidable, illegal, unenforceable). A contract is an agreement, written or spoken, between two parties that legally obligates each to a specific duty.

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

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