Classify Bates Contract For Free

Contracts may be classified ing to their performances as (i) Unilateral contract (ii) Bilateral contract (iii) Executed contract (iv) Executory contract. Contracts may be classified on the basis of their formation as (i) Express Contract (ii) Tacit contract (iii) Quasi or implied contract.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

Contracts can be of different types, including unilateral, bilateral, contingent, voidable, express, implied, executed, and executory contracts. It can be broadly classified based on quasi-contract.

?A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable?. ?An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract.?

Because contracts can be formed, expressed, and enforced in a variety of ways, a taxonomy of contracts has developed that is useful in grouping together like legal consequences. In general, contracts are classified along four different dimensions: explicitness, mutuality, enforceability, and degree of completion.

Validity/enforceability Valid contract ? It is an agreement, which is binding and enforceable. Void contract ? It is a contract, which cannot be enforced by law. Voidable contract ? If consent of a party is not free then, the contract becomes voidable contract.

All the conditions enforcing the validity of a contract are mentioned under Section 10 of the Act. Contracts can be of different types, including unilateral, bilateral, contingent, voidable, express, implied, executed, and executory contracts. It can be broadly classified based on quasi-contract.

Contracts may be classified ing to their performances as (i) Unilateral contract (ii) Bilateral contract (iii) Executed contract (iv) Executory contract.