What is Contract?

A contract is an agreement made between two or more parties which the law will enforce.
 Mode of
formation

Enforceability Types of Performance

of the
contract contract of contract

Form of
contract
Classification on the basis of formation

Implied
Express Quasi
Contrac
contract Contract
t
Classification on the basis of extent of
execution or performance of contract
Executed
contract

Executory
contract

Unilateral Bilateral
contracts contracts
Classification on the basis of forms of the
contract

Formal Simple
Contracts Contracts
Classification on the basis of enforceability or
validity

Valid Void Voidable

contract contract contract

Illegal Void
contract agreement
Discussion about their parties, position,
terms, remedies
1. Bank Loan
2. Purchase of Goods
3. Construction or works contract
4. Warehousing contract
5. Sale of Vehicle
Conclusion
• Contracts are classified in different ways like formation, performance
of contract, form of contract and enforceability of contract.
• Loan agreement is a contract between the borrower and the lender,
purchase of good is a contract between buyer and seller etc. there are
different parties in every contract is legally bound.