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    Classification of Contract Presentation

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    AshcharyA ShuklA (225012301054)
    This document classifies and provides examples of different types of contracts. It discusses contracts based on validity, performance, and formation. Specifically, it mentions valid contracts, void contracts, voidable contracts, illegal contracts, and unenforceable contracts. It provides examples of express contracts and implied contracts. Executed contracts are defined as those where both parties have fulfilled their obligations.

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    Classification of Contract Presentation

    Uploaded by

    AshcharyA ShuklA (225012301054)
    335 views10 pages
    This document classifies and provides examples of different types of contracts. It discusses contracts based on validity, performance, and formation. Specifically, it mentions valid contracts, void contracts, voidable contracts, illegal contracts, and unenforceable contracts. It provides examples of express contracts and implied contracts. Executed contracts are defined as those where both parties have fulfilled their obligations.

    Original Description:

    Types of Contracts

    Original Title

    Classification Of Contract presentation

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    This document classifies and provides examples of different types of contracts. It discusses contracts based on validity, performance, and formation. Specifically, it mentions valid contracts, void contracts, voidable contracts, illegal contracts, and unenforceable contracts. It provides examples of express contracts and implied contracts. Executed contracts are defined as those where both parties have fulfilled their obligations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    335 views10 pages

    Classification of Contract Presentation

    Uploaded by

    AshcharyA ShuklA (225012301054)
    This document classifies and provides examples of different types of contracts. It discusses contracts based on validity, performance, and formation. Specifically, it mentions valid contracts, void contracts, voidable contracts, illegal contracts, and unenforceable contracts. It provides examples of express contracts and implied contracts. Executed contracts are defined as those where both parties have fulfilled their obligations.

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    Classification

    Of Contract

    Ascharya Shukla

    Registration Num -
    225012301054
     Contract:-
    The contract act determines the
    circumstances in which promises made by the
    parties to the contract shall be legally binding on
    them.

     It also determines the remedies against the breach


    of contract.
    Contracts are of three different categories, as follows:

     Contracts Based on the Validity – Contracts that are based on


    valid legal agreement and is enforceable by law fall in this
    category of contracts.
     Contracts Based on Performance – When all the parties
    perform their duties based on the agreement, and process of
    execution defines it.
     Contracts Based on Formation – When a contract is created,
    various aspects of the contract are considered.
    Examples of different contracts
    Contracts Based on the Validity
    Example
    Teena agrees to make an artistic painting for Joseph, for adequate consideration. After a few days,
    Teena dies in a road accident. As the contract becomes impossible to perform.

    Contracts Based on Performance Eg- A agrees to paint a picture for B for Rs.1000/-. When A paints a
    picture and B pays Rs.1000/- to B then the contract is said to be executed.

    Contracts Based on Formation A landlord presented a preprinted a lease contract of renting out his
    house and Mr.B agrees to terms and conditions to the lease and signs the agreement, this is express
    written contract
    Contracts Based on the Validity

    Contracts are divided into five types :


    1. Valid Contract
    2. Void Contract
    3. Voidable Contract
    4. Illegal Contract
    5. Unenforceable Contract
    Voidable Contract
     An agreement which is enforceable by law at the
    option of one or more of the parties thereto, but
    not at the option of other party
     Generally contracts become voidable in case
    where consent to the contract is not free
    consent.
     Consent is not free consent when it is induced by
    coercion, influence or misrepresentation.
    Valid Contract

     An agreement becomes contract when it is


    enforceable by law.
     It has all essentials of valid agreements
     If any one or more of these essentials is missing
     Contract becomes either void, voidable or
    On the basis of Formation

     Express Contract:
     Terms and conditions to the contract are expressly
    agreed at the time of formation.
     Contract may be written or verbal
     A landlord presented a preprinted a lease contract of
    renting out his house and Mr.B agrees to terms and
    conditions to the lease and signs the agreement, this is
    express written contract.
    Implied Contract

     A contract which inferred from the acts or conduct


    of the parties
     Implied contract is a contract where the offer and
    acceptance to the proposal is made otherwise than
    in words
     Eg – Mr.Ankit gets into a bus. Where, passenger
    never expressly makes an offer to the conductor for
    getting into the bus.
    On the basis of Performance

     Executed Contract:
     An executed contract is one in which both the
    parties have performed their respective obligations.
     Eg- A agrees to paint a picture for B for Rs.1000/-.
    When A paints a picture and B pays Rs.1000/- to B
    then the contract is said to be executed.
    THANK YOU

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