Contracts

The specific type of Agreement mentions terms and conditions and is legally binding as well as enforceable in a court of law. Section 2 (h) of the Indian Contract Act 1872 defines a Contract as “An Agreement enforceable by law.”
“Agreement” under Contract Act 1872 of Section 2 (e) is defined as, “every promise and set of promises, forming consideration for each other.”

1. Mutual Assent

Parties must enter into a contract of their own free will and shall agree on the same terms with equal knowledge and understanding.

2. Offer and Acceptance

One party has something to offer and another party is accepting the same.

3. Consideration

This means the value is exchanged by both parties. In case the value is not exchanged then it is considered a gift.

4. Capacity to contract

Each party shall be competent to sign the contract i.e. party should not be minor, unsound mind, or under the influence of drugs or alcohol.

5. Legality to contract

The contract shall mention the valid subject matter i.e. it should not contain anything which is against public law or other policies formulated by the state or center.

1. On the basis of formation

Implied Contracts: These contracts does not involve any conversation or expression specifically but implies duty of both the Parties.

Express Contracts: These types of contracts specifically mentions offer and acceptance and any expressions are clearly stated in that.

Quasi Contracts: There will be no offer and acceptance and no contractual relationship between parties but are created by virtue of law.

2. On the basis of consideration

Bilateral Contracts: These contracts involve exchange of consideration. One party delivers the goods or services and the other party pays consideration for that.

Unilateral Contracts: In these contracts, offer is made from one party that has to be accepted and consideration is given in one direction.

3. On the basis of execution

Executed Contracts: This means the task has been already completed and has been done in lawful manner.

Executory Contracts: This means that task has not yet been performed but will be completed in near future in legal manner.

4. On the basis of validity

Valid Contracts: These are contracts which are enforceable in court of law and shall fulfill all the pre-requisites of the contract.

Void Contracts: These are the contracts in which one or more than one pre requisite of contract is missing. 

Voidable Contracts: These are contracts in which free consent of the party is missing and is made under some threat, coercion or pressure. These can become valid or void at any future incident at the option of suffering party.

Illegal Contracts: If the subject matter of the contract is illegal i.e. object is not legal then contract is illegal from the initiation.

“All Contracts are Agreements but all Agreements are not Contracts.”

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