Classification of Contracts according to formation According to the mode of formation of contracts, contracts may be classified into three namely, Express Contract, Implied Contract, and Quasi –
Kinds of Contracts According to Validity According to the validity of contracts, they are classified into 5 as discussed below. 1. Valid Contract: An agreement, which is enforceable
A valid contract refers to an agreement between two or more parties that is legally enforceable and meets all essential elements required for its validity. Essential Elements of
Importance of Indian Contract Act, 1872 Law of contract is the most important branch of mercantile law. It determines the circumstances under which promises made by the contracting
Remedies for Breach of Contract Parties to a contract are obliged to perform their respective promises. But situation arises where one of the parties to a contract may break the
Discharge of Contract by Impossibility If the performance of a contract is impossible, the contract is discharged. This is because the parties cannot perform their respective obligations. Types
Discharge of Contract by Performance When the parties to a contract perform their respective promises, the contract is said to have been performed. This is the normal and
10 Important requisites of Valid Ratification The requisites of valid ratification are as follows: 1. The Principal should be in Existence The agent must expressly contract an agent