- Trending Categories
- Data Structure
- Operating System
- C Programming
- Social Studies
- Fashion Studies
- Legal Studies
- Selected Reading
- UPSC IAS Exams Notes
- Developer's Best Practices
- Questions and Answers
- Effective Resume Writing
- HR Interview Questions
- Computer Glossary
- Who is Who
What are the various types of contracts?
Contracts are divided as follows −
Sub classification of contracts is given below −
|Valid contracts||Express contract||Execute contract|
|Void contracts||Implied contract||Executor contract|
Now, let us understand the types of contracts in detail.
Valid contract − It is an agreement, which is binding and enforceable.
Void contract − It is a contract, which cannot be enforced by law.
Voidable contract − If consent of a party is not free then, the contract becomes voidable contract.
Illegal contract − The law forbids it to be made for a contract.
Unenforceable contract − If both the parties cannot sue on contract due to technical reasons, it is an unenforceable contract.
Express contract− The terms are expressed in writing in an express contract.
Implied contract − If a contract comes into existence due to implications, it is an implied contract.
Quasi contract − If a contract resembles a contract, then it is a quasi-contract.
E.com. contract − If the parties enter into a contract using E-commerce, it is an E.com. contract.
Execute contracts − Forbearance is brought on record.
Executor contract − The contracts which are performed in future. There are two types of executor contracts which are as follows −
Unilateral contract− It is a one-sided contract. One party performs their duty and the other is outstanding.
Bilateral contract− The obligations and outstanding are on both the parties.
- What are the various types of branches?
- What are Smart Contracts?
- What are characteristics of forward contracts?
- What are various Text data types in Python pandas?
- What are the various types of plastics? Give two examples of each type of plastics.
- What are the various return types of a controller action in C# ASP.NET WebAPI?
- What are the default values used by DB2 for various data types?
- What are the COBOL host variable equivalent for various DB2 data types?
- Name the various types of forces.
- Name various types of habitat.
- Various Types of Mood Disorders
- Name the various types of chemical reactions.
- What are the assumptions of Black Scholes Model of valuing options contracts?
- What are Option Contracts in Stock Market?