Answer:
Step-by-step explanation:
Contract:- A contract is an agreement between two or more parties. It is a written or legal agreement.
Thus for the formation of a contract, there must be-
a) an agreement
b) the agreement should be enforceable by law
All agreements are not enforceable by law and therefore, all agreements are not contracts. Some agreements are not enforceable by law.
Classification of Contracts
According to validity
Valid Contract
Illegal Contract
Void Contracts
Unenforceable Contract
According to Formation
Expressive Contract
Implied Contract
Quasi Contract
E-Contract
According to Performance
Executed Contract
Executory Contract
Unilateral Contract
Bilateral Contract
Valid Contract - Enforceable by a court of law
Void Contract - Not enforceable by a court of law
Illegal Contract - Void and forbidden by law
Unenforceable contract - Not enforceable by a court of law due to some technical error in the contract.
Express Contract - The contract is expressed through words whether oral or written
Implied Contract - When a contract is created by action or implication of law
Quasi Contract - The contract is expressed through words whether oral or written
E- contract - The contract is expressed through words whether oral or written.
Executed Contract - Performance did on part of all parties
Executory Contract - Performance is pending by one or more parties
Bilateral Contract - Performance is pending by both parties
Unilateral Contract - Performance is pending by one party