04-12-2012, 01:59 PM
FORMATION OF A CONTRACT AND CLASSIFICATION OF CONTRACTS
FORMATION OF A CONTRACT.pptx (Size: 70 KB / Downloads: 24)
FORMATION OF A CONTRACT
Contract formation involves 3 basic steps:
Offer
Acceptance
Consideration
CLASSIFICATION OF CONTRACTS
Contracts may be classified according to their:
Validity
Formation
Performance
Classification according to validity
Valid contract : when all the essential elements of a contract are present
If one or more of these elements are missing then the contract is either:
Voidable
Void
Illegal
Unenforceable
Classification according to formation
Contracts may be classified according to the mode of their formation as:
Express contract
Implied contract
Quasi contract
Classification according to performance
To the extent to which the contracts have been performed these are classified as:
Executed contract
Executory contract
Another classification according to performance is:
Unilateral or one sided contract
Bilateral contract