SECTION - B

Q5. Distinguish between the following classes of contracts: a ) Express and implied contracts b)
Executed and executory contracts c) Valid, void and voidable contracts d) Void agreement and
void contracts.

a) Express and implied contracts: An express contract is a contract in which the terms are explicitly
stated by the parties either in writing or verbally. On the other hand, an implied contract is a
contract in which the terms are not explicitly stated, but are inferred from the conduct of the parties
or from the circumstances of the situation.

b) Executed and executory contracts: An executed contract is a contract that has been fully
performed by both parties, and all obligations under the contract have been fulfilled. An executory
contract, on the other hand, is a contract in which some or all of the obligations have not yet been
fulfilled.

c) Valid, void, and voidable contracts: A valid contract is a contract that is legally binding and
enforceable by law. A void contract, on the other hand, is a contract that is not legally binding from
the beginning, and the parties cannot be held liable for not fulfilling the obligations. A voidable
contract is a contract that may be legally binding, but can be cancelled or rescinded by one or both
parties due to a defect or irregularity in the formation of the contract.

d) Void agreement and void contracts: A void agreement is an agreement that is not enforceable by
law from the beginning because it is illegal or against public policy. For example, an agreement to
commit a crime or a contract to carry out a fraudulent activity is void from the beginning. A void
contract, on the other hand, is a contract that was initially valid, but becomes void due to some
reason, such as a change in law or the impossibility of fulfilling the terms of the contract. Once a
contract becomes void, it is considered as if it never existed, and the parties cannot enforce the
contract or claim damages.