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Classification of Contract Lecture 2
Classification of Contract Lecture 2
CONTRACT
1. ENFORCEABILITY
2. METHOD OF FORMATION
3. EXTENT OF FORMATION
4. OBLIGATION TO PERFORMANCE
1. VALID
5. ILLEGAL 2. VOIDABLE
ENFORCEABILITY
4.
UNENFORCE 3.VOID
ABLE
1. Classification Of The Contracts In The
Terms Of Validity/Enforceability
b.Undue Influence
c.Fraud
d.Misrepresentation
4.Unenforceable Contracts:
This Contract is neither Void nor Void able, it cannot be
enforced in the court because it lacks some item of evidence
such as:
1.Writing
2.Registration
3.Stamping
4.Where the remedy has been barred by lapse of time
FORMAL SIMPLE
STANDARD
QUASI FORM
EXPRESS IMPLIED
Formal Contracts
A formal contract is one to which the law gives
special effect because of the formalities or the
special language used in creating it.
EXECUTED EXECUTORY
CONTRACT CONTRACT
UNILATERAL BILATERAL
CONTRACTS CONTRACTS