BUSINESS LAW

ASSIGNMENT
MEANING OF CONTRACT AND ITS TYPES OF
CONTRACT
 BUSINESS LAW
• DEFINITION :

An contract is an agreement that is enforceable by the court law or equity

If one party fails to perform as promised , the other party can use
the court system to enforce the contract and recover damages or other
remedy
 TYPE OF CONTACT
• TYPE OF CONTRACT IS CLASSIFIED INTO THREE TYPE :

1. BASED ON FORMATION
2. BASED ON ENFORCEABILITY
3. BASED ON PERFORMANCE
 TYPE OF CONTRACT
• BASED ON FORMATION :
1. BILATERAL CONTACT : A promise for a promise .
2. UNILATERAL CONTRACT : A promise for an act .
3. EXPRESS CONTRACT : A contract expressed in oral or written words .
4. IMPLIED IN FACT CONRACT : A contract inferred from the conduct
of the parties .
 TYPE OF CONTACT
• BASED ON FORMATION :
5. QUASI CONTRACT : A contract implied by law to prevent unjust
enrichment .
6. FORMAL CONTACT : A contract requires a special form or method
of creation.
7. INFORMAL CONTRACT : A contract that requires no special form or
mode of creation
 TYPE OF CONTRACT
• BASED ON ENFORCEABILITY :
1. UNFORCEABLE CONTRACT : A contract that cannot be enforced
because of a legal defense .
2. VOID CONTACT : No contract exists .
3. VOIDABLE CONTRACT : A party has the option of voiding or
enforcing the contract .
4. VALID CONTRACT : A contract that meets all the essential elements to
establish a contract .
 TYPE OF CONTRACT
• BASED ON PERFORMANCE :
1. EXECUTED CONTRACT : A contract that is fully preformed on
both sides .
2. EXECUTORY CONTRACT : A contract that is not fully
preformed by one or both parties .
THANK YOU
SUMBITTED BY
DHANUSHKUMAR A J
20BBCA111
2ND BBA CA