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A CONTRACT is an agreement creating and defining obligations between the parties According to HALSBURY, it is, an agreement between two or more persons which is intended to be enforceable at law & is constituted by the acceptance by one party of an offer made to him by the other party to do or to abstain from doing some act.
COMPONENTS OF CONTRACT
An Agreement It involves proposal or offer by one party and acceptance of the same by the other party.
any law
Certainity of meaning Possibility of performance Not declared to be void or illegal Legal formalities
CLASSIFICATION OF CONTRACTS
ENFORCEABILITY
VALID CONTRACTS VOID CONTRACT VOID AGREEMENTS VOIDABLE CONTRACTS UNFORCEABLE CONTRACTS ILLEGAL CONTRACTS
FORMATION
EXPRESS CONTRACTS IMPLIED CONTRACTS QUASI CONTRACTS
PERFORMANCE
EXECUTORY CONTRACTS EXECUTED CONTRACTS