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Type of Contracts-I
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Explanation of types of contracts. Happy Learning :)

Priyal Agrawal
CS Student, AIR 21 in CS foundation,love Teaching, reading, travelling, novels, fashion freak, watch the lessons to knw more

U
Unacademy user
it is good in english but we are the people of india and our motherlanguage is hindi so u will think it is right to make lectures in english..........
  1. Indian contract act, 1872


  2. ABOUT ME MYSELF PRIYAL AGRAWAL CS EXECUTIVE &BCOM 2ND YEAR STUDENT CS FOUNDATION (AIR 22) HOBBIES: TO READ NOVELS,EXPLORING NEW THINGS FOLLOW ME ON UNACADEMY https:// unacademy.com/user/PriyalAgrawal


  3. TYPES OF CONTRACT


  4. On the basis of the validi 1. Valid Contract: An agreement which is binding and enforceable is a valid contract. It contains all the essential elements of a valid contract. 2. Void Contract: Section 2 0) states as follows "A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable". Thus a void contract is one which cannot be enforced by a court of law


  5. Example: Mr. X agrees to write a book with a publisher. After few days, X dies in an accident. Here the contract becomes void due to the impossibility of performance of the contract. Voidable Contract: Section 2(0) de nes that "an agreement which is enforceable by law at the option of one or more parties thereto, but not at the option of the other or others is a voidable contract


  6. On the basis of formation Express Contracts: The Contracts where there is expression or conversation are called Express Contracts. For example: A has offered to sell his house and B has given acceptance. It is Express Contract. mplied Contract: The Contracts where there is no expression are called implied contracts Sitting in a Bus can be taken as example to implied contract between passenger and owner of the bus


  7. Quasi-Contract: A quasi-contract is not an actual contract but it resembles a contract. It is created by law under certain circumstances. The law creates and enforces legal rights and obligations when ho real contract exists. Such obligations are known as quasi-contracts Example: Finder of lost goods


  8. Tacit Contracts: The word Tacit means silent. Tacit contracts are those that are inferred through the conduct of parties without any words spoken or written.example of tacit contract would be when cash is withdrawn by a customer of a bank from the ATM or where a contract is assumed to have been entered when a sale is given effect to at the fall of hammer in an auction sale.It falls within the scope of implied contracts.


  9. Thanks! Any questions? Ask me in the comment sections below! Rate RevieW Recomm