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Kinds of Contracts

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Business law
2nd term report

7/24/2011
Raja Haseeb Amjad

LETTER OF TRANSMITTAL
July 24, 2011
Institute of Business Management,
IoBM.

Mr, Muhammad Ali,
Course instructor Business Law,
IoBM.

Sir,
Here is the report you asked me to prepare during the 1st portion of the business law course that is based on the study conducted up till date. The report is ready for your perusal. For any query do contact.

Sincerely,

Raja Haseeb Amjad
(2007-1-10-7981)

Acknowledgement

I would like to thank Mr. Muhammad Ali for his support in making me understand the course so thoroughly and making it interesting along with it.

Contents
Kinds Of Contracts5
According to Enforceability5
Valid contracts6
Voidable contracts7
Void Contracts7
Unenforceable Contracts8
Illegal Contracts8
According to Formation8
Express Contract8
Implied Contract8
Constructive or Quasi Contract9
According to Performance9
Executed Contract9
Executary Contract9
Discharge of Contract10
Discharge by Performance10
Discharge by Agreement11
Novation11
Alternation11
Recission11
Remission11
Waiver11
Discharge by Subsequent Impossiblity12
Discharge by lapse of Time12
Discharge by Operation of Law12
Discharge by breach of Contract12
Indemnity and Guarantee14
Indemnity14
Guarantee15
Kinds of Gurantee16
Rights of Surety16

Kinds Of Contracts

Contracts are the assential part of getting the work done under the law. If the agreement is not turned in to a contract then for the porposes of implementation the law cannot play its role. As per we very clearly know that all contracts are to be considered as agreements for with out a agreement a contract cannot come in to formation but that all agreements are not contracts for they are either not eligible under the court of law as per the Contract act 1872. It is very important at the time of getting in to a contract the parties should respectively...