CONTRACT KINDS

Kinds of contract From the point of view of enforceability of contract1) Valid contract- A valid contract is an agreement of law 2) Voidable Act contract- According to section 2(i) an agreement which is enforceable by law at the option of one or more of the parties there to, but not at the others is the Voidable contract. 3) Void Contract- According to the term void contract implies and useless contract which has no legal effect at all. According to section 2(j) a contract which eases to be enforceable by law becomes void. 4) An enforceable contract- An enforceable contract is on which is valid in it self but it is not capable of being enforced in a court of law because technical defects such as absence of written registration, requisite, stamps, etc.
5) Illegal or unlawful contract

From the point of view of a creation of contract:a) Express Contract- Where both offer and expectance constitutes an agreement, enforceable by law and spoken or written in an express contract. b) Implied contract- When both the offer and expectance3 constituting an agreement enforceable under law are made otherwise them in words, i.e. by act and conduct of parties. It is an implied contract.

BNG, 3rd year, BBA, Business Law, Unit 1, Lesson 3 Contract Kinds. 1