There are several types of contracts: 1. A valid contract is enforceable by law when all essential elements are present. 2. A voidable contract can be voided when consent is not free, such as under threat. 3. A void contract has no legal effect. Contracts can also be express (verbal or written), implied (based on actions), quasi (not by agreement but recognized by law), executed (both parties fulfilled obligations), or executory (obligations still need to be performed).

1. TYPES OF CONTRACT

2. 1.
Valid Contract
An agreement enforceable by law when all
the essential features of a valid contract
are present.

3. 2. Voidable Contract
A contract becomes voidable when the
consent is not free.
Usually a contract becomes voidable when the
consent 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.  3.
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.”

5.  1.
Express Contract
Contracts formed with the words spoken or
written, is an express contract.
Eg- A tells B on phone that he wants to buy
his car for Rs 80,000 and B accepts the offer
on phone, this is an express contract.

6. 2. Implied Contract
When the offer and acceptance is made by
acts or conducts of the parties, it is an
implied contract.
For eg- A, a coolie in uniform takes up the
luggage of B at Railway Station and B allows
him to do so, then the law implies that B will
have to pay for the services of A. This is an
implied contract.

7. 3. Quasi-Contract
Quasi-contract doesn’t arise by virtue of any
agreement, but the law infers or recognises
these contracts under special circumstances.
For eg- Claims for necessaries supplied to an
incapable person.
2. Responsibilities of finder of goods.

8. 1. Executed Contract
A contract is said to be executed contract
when both the parties to a contract have
performed their obligations.
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.

9.  2.
EXECUTORY CONTRACT
When either both the parties to a contract
have still to perform their share of
obligation, then it is executory contract.
For eg- A buys a car from B for Rs 100,000.
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.