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Monday, 20 February 2012

CLASSIFICATION OF CONTRACTS


Contracts may be classified on the basis of their :
(a) validity,
(b) formation,
(c) performance.


A. VAlidity or Enfoceability
-Valid contracts
-Void contracts
-Void agreements 
-Voidable contracts
-Unenforceable contracts
-Illegal Agreements


B. Formation
-Express Contracts
-Implied Contracts
-Quasi Contracts
-E.com. Contracts


C. Performance
-Executed contracts


-Executery Contracts or
(1) Unilaterial Contracts
(2) Bilateral Contracts

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