This document discusses different types of contracts including valid, void, voidable, express, implied, quasi, executed, and executory contracts. A valid contract exists when all essential elements are present. A void contract has no legal effect. A voidable contract allows one party the option to void the contract if consent was not free. An express contract uses spoken or written words while an implied contract uses acts or conduct. A quasi contract arises due to special circumstances rather than agreement. An executed contract means both parties fulfilled obligations while an executory contract means obligations remain.

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.