Types of contract - transactional analysis - Manu Melwin Joy
Types of contract
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Transcript of Types of contract
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GROUP MEMBERS: VARDA SHAIKHHIBA SHAIKH MAHGUL KHAN MARYAM QAZI
BUSINESS & CORPORATE LAW
GROUP PRESENTATION
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Types of contract
1. Valid Contract2. Voidable Contract3. Void Contract4. Unenforceable Contract5. Illegal Contract6. Contingent Contract
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Types of contract
1. Valid Contract:A contract is legally bind or valid (officially accepted) agreement between two parties .
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Types of contract
2. Voidable Contract:An agreement that is enforceable at law (legally binding) at the option of one or more parties to the agreement but not at the option of the other is called a voidable contract.“An agreement enforceable by law at the option of one or more parties, but not at the option of the other”
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Types of contract
3. Void Contract:A contract which is ordinarily enforceable at law (legally binding) but cannot be enforced due to the taking place of a certain event is known as void contract.
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Types of contract
4. Unenforceable Contract:An unenforceable contract is one which cannot be enforced by court law because of some technical defects such as absence of writing or want of stamps.EXAMPLE: Under stamped promissory note is unenforceable.
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Types of contract
5. Contract:
An illegal contract is one which criminal in nature or which is immoral or which is against public policy.
Legal to sell guns/cutters BUTIllegal to kill someone.
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Types of contract
6. Contingent Contract:The contract is characterized as “contingent” because the terms are not final and are based on certain events.
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