Law Assign
Law Assign
Law Assign
Author Supervisor
__________________ ___________________
___________________________________________________________________________________
INTRODUCTION TO LAW
An overview of the Contract
Contract is an agreement enforceable by law. Between two or more parties for the doing
or not doing of something specified.Contracts can also be classified according to
performance. A contract can be either executed or executor. An executed contract—is
where one party has performed all that is required to be done according to the contract. For
example, Alan delivers one tonne of wood to Brian. Alan has performed his part of the
contract, now it remains for Brian to pay the price. An executor contract—This is a contract
where both parties still have obligations to perform under the contract.
Classification of contract
Contracts can be classified into five broad divisions namely
• Express contract
• Implied contract
• Quasi contract
Implied contract: The condition of an implied contract is to be understood form the acts,
the contract of the parties or the course of dealing between them.
Quasi contract: There are certain dealings which are not contracts strictly, though the
parties act as if there is a contract. The contract Act specifies the various situations which
come within what is called Quasi contract.
2
___________________________________________________________________________________
Under the method of the time of performance of contract may be two kinds
• Executed Contract
• Executory Contract
Executed Contract: There are contracts where the parties perform their obligations
immediately, as soon as the contract is formed.
Under the method of the parties of the contract may be two kinds
• Bilateral Contract
• Unilateral Contract
Bilateral Contract: There must be at last two parties to the contract. Therefore all contracts
are bilateral or multilateral.Unilateral Contract: In certain contracts one party has to fulfill
his obligations where as the other party has already performed his obligations. Such a
contract is called unilateral contract.
Under the method of the method of formalities of the contract may be two kinds
• Formal contract
• Informal contract
Formal contract: A formal contract is a contract which is formatted by satisfied all the
essentials formalities of a contract.Informal contract: An informal contract is a contract
which is failed to satisfy all or any of the essentials formalities of a contract.
Under the method of the method of legality of the contract may be five kinds
1. Valid Contract
2. Void Agreement
3. Void able Contract
4. Unenforceable Agreement
5. Illegal Agreement
3
___________________________________________________________________________________
Types of Contract
Valid Contract: An agreement which satisfied all the essential of a contract and which is
enforceable through the court is called valid contract.
Void Agreement: An agreement which is failed to satisfied all or any of the essential
element of a contract and which is not enforceable by the court is called void agreement.
An agreement not enforceable by law is said to be void. A void agreement has no legal
fact. It confers no right on any person and created no obligation.
________________________________________________________________________
END