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Types of Contract
Выполнила Студентка группы 33 ДОУ Зеленцова Виктория
The term contract is defined as an agreement between two or more parties which has a binding nature, in essence, the agreement with legal enforceability is said to be a contract. It creates and defines the duties and obligations of the parties involved.
On the basis of validity
Valid Contract: An agreement which is enforceable by law, is a valid contract.
Void Contract: The contract which is no longer enforceable in the court of law is a void one.
Voidable Contract: A contract in which one of the parties to the contract has a choice to avoid performing his/her part, then it is termed as a voidable contract. When the consent of the party is not free, the contract becomes voidable, at the option of the aggrieved party.
Illegal Contract: A contract which is forbidden by law is termed as an illegal contract.
Unenforceable Contract: The contract whose substance is good, but due to some issues, it is not enforceable, is called an unenforceable contract.
On the basis of formation
Express Contract: When the terms of the contract are expressed orally or in writing, it is known as an express contract.
Implied Contract: The contract which is constituted by implication of law or action, is an implied one.
Quasi-Contract: These are not a real contract, but are identical to a contract, which is formed out of some circumstances.
On the basis of Performance
Executed Contract: When the contract is performed, it is known as an executed contract.
Executory Contract: When the obligation in a contract, is to be performed in future, it is described as an executory contract.
To sum up, agreements are termed as a contract, if it comprises all the essential elements that constitute a contract.