what are the classification of contract and explaination ??
Answers
Classification of contract. Contract is an agreement enforceable by law. Between two or more parties for the doing or not doing of something specified.Contracts can also be classified according to performance. A contract can be either executed or executor.
Classification of Contracts- Contracts are classified into three different categories, which are as follows:
Contracts Based on the Validity or Legal Effects – Contracts that are based on legal implications come under this section of contracts.
Contracts Based on Performance or Execution – Both signing parties require to perform their duties based on the contractual agreement, and contract execution is the process that defines all the duties.
Contracts Based on Formation or Mode of Creation – Whenever a contract is formed, different aspects are taken into consideration, like whether it is a written contract or not, etc. All these aspects fall under this category.