Types of contract

NOW LETS SEE SOMETHING ABOUT CONTACTS. DO YOU KNOW THAT THERE ARE VARIOUS TYPES OF CONTACTS.

YES! 

THE INDIAN CONTACT ACT:

          

            The Indian contact act, 1872 April 25, prescribes the law relating to contracts in India. It is enacted by Imperial legislative council which is commenced on 1 September 1872.

NOW LETS JUMP INTO THE TYPES OF CONTACT:

Contacts under seal:

      

       Traditionally a contract was an enforced legal document only if it was stamped with a seal. But now courts recognizes informal contracts too. So contracts under seal lost its value. (NO VALUE FOR SEAL BUT STILL ORIGINAL!).

Express contracts:

      In express contracts the parties states the terms, either orally or in writing at the time of its formation.( SO, SIGN IN YOUR CONTACT ORALLY!).

Implied contracts:

       Implied contracts consists of obligations arising from a mutual agreement and intent to promise which have not been expressed in law.( EVERY THING MUTUALLY!).

Unconventional contacts:

      A unconventional contact is unjust or unduly one-sided in favor of party, who has the superior bargain power.( ITS ALL ABOUT THE ULTIMATE POWER!).

Void and voidable contact:

     A void contact imposes no legal rights or obligations upon the parties and is not enforceable by the court. It is in effect no contact at all.

    A voidable contract is legally enforceable agreement. A voidable contract is legally enforceable agreement. A voidable contract may be ratified either express or implied by the party who has the right to avoid it.

There are also some other types of contacts.

   

FYI:

    

     RATIFY: To confirm by expressing consent, approval, or formal sanction.

NOTE: This is a legal information and it’s not a legal advice and I am not a lawyer. The purpose of this blog is to provide some general legal knowledge to everyone.