An agreement enforced by law is defined as a contract. There are several essential elements for a valid contract including offer and acceptance, lawful consideration, capacity and consent of the parties, lawful object, and certainty of terms. Contracts can be categorized based on their enforceability, mode of creation, or extent of execution. Valid, voidable, void, unenforceable, and illegal contracts differ in their enforceability, while express, implied, and constructive contracts vary in their mode of creation. Executed and executory contracts are distinguished by the extent to which the agreement has been carried out.
2. Definition of Contract
An agreement enforced by law is
contract
It is an agreement the object of which
is to create a legal obligation
It’s a duty enforced by law
4. Essentials of a valid contract
Offer and acceptance
Intention to create legal relationship
Lawful consideration
Capacity of the parties
Free consent
5. Essentials of a valid contract
Lawful object
Certainty of terms
Writing and registration
Possibility of performance
Not expressly declared void
7. Kinds of Contracts
Kinds of Contracts from Point of View
of Enforceability
Kinds of Contracts from Point of View
of Mode of Creation
Kinds of Contracts from Point of View
of the Extent of Execution
8. Kinds of Contracts from Point of View of
Enforceability
Valid Contract
Voidable Contract
Void Contract
Unenforceable Contract
Illegal or Unlawful Contract
9. Kinds of Contracts from Point of View of
Mode of Creation
Express Contract
Implied Contract
Constructive or Quasi Contract
10. Kinds of Contracts from Point of View of
the Extent of Execution
Executed Contract
Executory Contract
