Types of Contract

There are various types of contracts, here are some of them-
1. Void Contract- A contract ceases to be enforceable by law becomes void. It is thus a contract that cannot be enforceable by a court of a law.

2. Voidable contract- A voidable agreement which is enforceable by law at the option of one or more parties but not at the option of others is a voidable contract. This means where one of the parties to the agreement is in a position or is legally authorized to avoid performing his part, then the agreement is treated as voidable.
Examples: Coercion, Undue influence, Fraud and Misrepresentation where one party has a right to treat it as a voidable contract.

3. Illegal contract- These contracts are those which are forbidden by law. All illegal contracts are hence void also. Because of the illegality of their nature they cannot be enforced. Contracts which are opposed to public policy or immoral are illegal. Similarly contracts to commit crime like supari contracts are illegal.

4. Express Contracts- A contract would be an express if the terms are expressed by words or in writing. Section 9 of the act provides that if a proposal or its acceptance of any promise is made in words the promise is said to be express.

5. Implied Contracts- Implied contracts in contract come into existence by implication. Most often the implication is by law or by action.

6. Tacit Contracts- These are those that are inferred through the conduct of the parties. A classic example of tacit contract would be when cash is withdrawn by a customer of a bank from the automatic teller machine (ATM).