Tuesday, 27 March 2012

Kinds of Contract | What Are The Kinds Of Contract

Kinds of Contract what are the kinds of contract.

Kinds of Contract :-  

Void contract – A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.

Executed contract – Where both the parties have performed their obligations, it is executed contract.

Executory Contract - Where neither of the parties have performed their obligations, ie both the parties are yet to perform their promises, the contract is executory.

Implied Contract – The terms of a contract are inferred from the conduct or dealings between the parties. When proposal or acceptance of any promise is made otherwise than in words, the promise is said to be implied. Such implied promise leads to Implied Contract.

Quasi Contract – Certain relations resemble those created by a contract. Certain obligations which are not contracts in fact but are so in contemplation of law are Quasi.

Contingent Contract - It is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.

Voidable Contract – A contract is voidable when one of the parties to the contract have not exercised their free consent.

Specialty Contract – It is a contract which is in writing, signed, sealed & delivered by the parties.


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