Question

On Elements of contract offer accept consideration mutual assent & legal capacity legal purpose executed classification of contracts type of obigatin: 1. bilateral 2. unilateral Method of creaction: 1.____________ 2. ___________ 3. ____________ Type of Form: 1. ____________ 2. ____________ Timing: 1._____________ 2. ____________ Enforceability: 1.___________ 2. ____________

Answer 1

On Elements of contract offer accept consideration mutual assent & legal capacity legal purpose executed classification of contracts type of obigatin: 1. bilateral 2. unilateral Method of creaction: 1.Express 2. Implied 3. Quasi Type of Form: 1. Written 2. Verbal Enforceability: 1.Voidable 2. Valid

Explanations:

1. Express Contract - Contracts formed with the words spoken or written, is an express contract. Eg- A tells B on phone that he wants to buy his car for Rs 80,000 and B accepts the offer on phone, this is an express contract.

2. Implied Contract - When the offer and acceptance is made by acts or conducts of the parties, it is an implied contract. For eg- A, a coolie in uniform takes up the luggage of B at Railway Station and B allows him to do so, then the law implies that B will have to pay for the services of A. This is an implied contract.

3. Quasi-Contract - Quasi-contract doesn’t arise by virtue of any agreement, but the law infers or recognises these contracts under special circumstances. For eg- Claims for necessaries supplied to an incapable person.

4. Valid Contract - An agreement enforceable by law when all the essential features of a valid contract are present.

5. Voidable Contract - A contract becomes voidable when the consent is not free. Usually a contract becomes voidable when the consent of one of the parties to the contract is not free. Eg- A, threatens to shoot B if he does not sell his bike to A. B agrees. This contract is voidable at the option of B.

6. Written Contract - Written contracts provide more certainty for both parties than verbal contracts. They clearly set out the details of what was agreed. Matters such as materials, timeframes, payments and a procedure to follow in the event of a dispute, can all be set out in a contract.

7. Verbal Contract - A contract done without any written agreement but by just oral understanding is termed as Verbal contract.