TYPES OF CONTRACTS

TYPES OF CONTRACTS
(i) Valid Contract – A contract which contains all essential elements.
(ii) Void Contract [sec 2 (j)] – A contract which creases to be enforceable by law
becomes void when it ceases to be so enforceable. It is a contact which is valid in
the beginning but later on due to some reasons it becomes void.
(iii) Void Agreement [Sec 2(g)]- An agreement not enforceable by law. It is void from
the very beginning when it is made. It is void ab initio.
(iv) Voidable Contract [Sec 2 (i)] – A contract which is enforceable by law at the
option of one party but not at the option of other(s). Here, only one party can go
to the court of law, other party cannot go to the court of law.
(v) Illegal Agreement – An agreement the consideration of object of which is
unlawful [sec. 23].
(vi) Unenforceable contract – It is one which is good in substance but due to some
technical defect such as absence in writing, signing one or more parties cannot
sue upon it.
(vii) Unilateral Contract – Obligation is pending on the part of one of the parties to
the contract.
(viii) Bilateral Contact – Obligation is pending on the part of both of the parties to the
contract.
(ix) Executed Contract – A contract which is completed. Where parties to the
contract have performed their respective obligations.
(x) Executory contract – A contract which is to be performed in future.