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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.
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