CLASSIFICATION OF CONTRACTS

ACCORDING TO VALIDITY a) Voidable contract: An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others is a voidable contract. b) Void Contract and void agreements: An agreement which is not enforceable by law is called void agreement.It is void from the beginning i.e.,(Void ab initio) eg. An agreement with minor, agreement without consideration

Void contract: A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable c) Illegal agreement: An agreement which is against some rule of basic public policy or which is criminal in nature or which is immoral is called an illegal agreement d) Unenforceable contract: A contract which cannot be enforced in a court of law of because of technical defect

 Classification according to formation: a) Express contract: It may be written or orally agreed upon at the time of formation of contract. b) Implied contract : An implied contract is one which is inferred from the acts or conduct of the parties. c) Quasi contract: A contract created by law but not intentionally entered into

 Classification according to performance a) Executed contracts b) Executory contracts c) Unilateral contracts d) Bilateral contracts

Classification in English law

1) Formal contracts a) Contracts of record : It can be either a judgment of a court or a recognisance b) Contracts under seal eg. Contracts made by corporations or contracts without any consideration 2) Simple contracts: All contracts which are not made under a seal are simple contracts