Types of Contracts under Indian Contract Act

Types of Contracts under Indian Contract Act

The Indian Contract Act, 1872, defines and governs contracts in India. A contract is an agreement between two or more parties that creates certain obligations that are legally binding. The Act outlines various types of contracts that exist and are enforceable in India.

1. Express Contract

An express contract is a verbal or written agreement in which both parties clearly state their intention and obligation. An express contract is the most common type of contract. This type of contract is enforceable in a court of law since it can be proven that both parties agreed to the terms.

2. Implied Contract

An implied contract is a contract that is not explicitly stated but created by the conduct of the parties. This type of contract arises when the parties do not explicitly agree to the terms but their actions indicate that they have agreed to certain obligations. For example, if a person requests a service from a service provider, there is an implied contract that the service provider will provide the service and the person will pay for it. An implied contract is enforceable in a court of law since it is based on the parties` conduct.

3. Executed Contract

An executed contract is a contract that has been fully performed by both parties. This means that all obligations under the contract have been met, and the contract has been completed. Once an executed contract is created, it cannot be altered or changed.

4. Executory Contract

An executory contract is a contract that has not yet been fully performed by both parties. This means that one or more obligations under the contract have not been met, and the contract is still in progress. An executory contract can be altered or changed before it is fully performed.

5. Void Contract

A void contract is a contract that is not legally binding and has no legal effect. This type of contract is created when the agreement is against the law or public policy. For example, a contract to commit a crime is void.

6. Voidable Contract

A voidable contract is a contract that can be legally avoided or canceled by one of the parties. This type of contract is created when one of the parties has the power to cancel the contract due to a defect in the agreement, such as misrepresentation, fraud, or coercion.

In conclusion, the Indian Contract Act outlines various types of contracts that exist and are enforceable in India. These types of contracts have their distinctive characteristics, and it is essential to understand these differences to ensure that the contracts are legally binding and enforceable. As a copy editor, it is vital to verify that contracts are written and structured correctly to avoid any legal issues.

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