Types of contract
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The document outlines various types of contracts in business and corporate law, including valid, voidable, void, unenforceable, illegal, and contingent contracts. It explains each type, emphasizing the conditions under which they are enforceable or not. Key definitions include a valid contract as a legally binding agreement, a voidable contract as enforceable at the option of certain parties, and illegal contracts as those violating public policy.
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Types of contract
- 1. BUSINESS & CORPORATE LAW GROUP PRESENTATION
- 2. 1. Valid Contract 2. Voidable Contract 3. Void Contract 4. Unenforceable Contract 5. Illegal Contract 6. Contingent Contract
- 3. 1. Valid Contract: A contract is legally bind or valid (officially accepted) agreement between two parties .
- 4. 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”
- 5. 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.
- 6. 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.
- 7. 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 BUT Illegal to kill someone.
- 8. 6. Contingent Contract: The contract is characterized as “contingent” because the terms are not final and are based on certain events.