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solved assignments semester 4 Q. Explain the different categories of contract.


Answer: A contract can be written or oral, but oral contracts are difficult to prove. A contract can also consist of a series of letters, offers, counter offers and orders. Some types of contracts are:
·                     Conditional contract (that is. it depends on an event that affects legal relations).
·                     Joint contract (that is. when several parties combine to make a joint promise to perform; however, each is responsible).
·                     Implied contract (that is. a legal contract which arises due to some relationship among the intermediate
parties).

In reality, there are innumerable variations of contract. The types given above are only some examples.
Contracts are agreements but it is not necessary that all the agreements are legally enforceable. We address contract by comprehending the legal effects of agreements as falling into four categories:

·         Valid contract: A valid contract is an enforceable contract. This contract has a proper offer and acceptance. Legally valid consideration is given and received. The parties have the legal capacity to enter into the contract and the contract is completely under law.

·         Void contract: This is an illegal contract which means that the agreement does not meet the contractual requirements. The parties involved in such a contract are not entitled to any legal remedies because the contract is not legal.

·         Voidable contract: Unlike the void contract, this type of contract is valid unless one of the parties declares the agreement as invalid due to legal reasons.

·         Unenforceable contract: This is a valid contract, but this cannot be enforced because of a subsequent change in the law. For example, when a contract may exist in which one party has failed to meet the contractual obligations, and by the time the aggrieved party sues the other party, the time limit to sue has expired.

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