presentation1 of law

8/7/2019 Presentation1 OF LAW

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PRESENTED BY:PRESENTED BY:- -RACHITARACHITA

SOURABHSOURABHRISHABHRISHABH

PRIYAPRIYASALILSALIL


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CLASSIFICATIONCLASSIFICATIONOF OF

CONTRACTSCONTRACTS


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All the contracts may be broadly classifiedAll the contracts may be broadly classifiedinto following three categories:into following three categories:- -

1. ACCORDING TO ENFORCEABILITY i.e., legal validity:-

a) valid contractb) void contractc) voidable contract

d) unenforceable contract


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a) Valid contract:-Valid contract are those which satisfy all

the conditions of enforceability which arelaid down in sec 10 of the INDIANCONTRACT ACT.


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b) Void contract :-According to the INDIAN CONTRACT

ACT, sec 2(j) a contract which ceases tobe enforceable by law becomes void whenit ceases to be enforceable.

e.g. A promised to marry B. Later on B died.In this case, the contract becomes void onthe death of B


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C) Voidable contract :-According to sec 2(i) of the INDIAN

CONTRACT ACT, An agreement which isenforceable by law at the option of one or more of the parties thereon, but not at theoption of the other or others, is a voidablecontract


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e.g. A agreed to sell his horse to B for Rs.20000. The constant of A was obtained

by use of force. The contract is voidable atthe option of A. and A may put an end tothis contract if he so decides.


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d) Unenforceable contract :-The unenforceable contract are those

which cannot be enforced in a court of law.


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2. ACCORDING TO FORMATION i.e.,mode of creation :-

a) express contractsb) implied contracts

c) quasi contract


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a) Express contracts :-According to sec 9 of the INDIAN

CONTRACT ACT insofar as theproposal or acceptance of any promise ismade in words, the promise is said to beexpress


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e.g. A wrote a letter to B, I m prepared tosell by car for Rs.50000. B also acceptedthe offer by letter. This is an expresscontract.


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b) Implied contract :-an implied contract is one which is not

made in words.

e.g. A went to a restaurant, and took a cup

of tea. In this case, there is a impliedcontract


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c) Quasi contract :-According to Dr Jenks, quasi contract is asituation in which law imposes upon oneperson, on grounds of natural justice, anobligation similar to that which arises froma true contract, although no contract,

express or implied, has in fact beenentered into by them.


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e.g. A, a tradesman, left certain goods at Bshouse by mistake. B treated the goods ashis own. In this case, B is bound to pay for the goods.


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3 . ACCORDING TO PERFORMANCE:-

a) Unilateral Contractsb) Bi-Lateral Contactsc) Executed Contractsd) Executory Contracts


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a) Unilateral contracts :-a unilateral contract is a one-sided

contract in which only one party has toperform his obligation.


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e.g. A promised to pay Rs.100 to anyonewho finds his lost dog. B found the dogand returned it to A. it is a unilateralcontract which comes into existence whenthe dog is found. Now, only A has toperform his obligation by paying Rs.100 toB, because B had already performed hispart of obligation by finding the dog.


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b) Bilateral contracts :-a bilateral contract is a two-sided contract

in which both the parties have to performtheir respective obligation , i.e. at the timeof formation of a contract the obligations of both the parties are outstanding.


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e.g. A promised to paint a picture for B, andB promised to pay Rs.100 to A. It is abilateral contract as there is exchange of promises, and obligations of both theparties are outstanding at the time of formation of the contract.


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c) Executed contracts :-when a contract has been completely

performed , it is termed as executedcontract.e.g. A agreed to sell his horse to B for

Rs.1000.B paid the price and A deliveredthe horse. It is an executed contracts.


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d) Executory contracts :-Executory contract is that where under

the terms of a contract something remainsto be done by the parties.

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