Types of Contract On the basis of Formation

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Types of Contract On the basis of Formation

Unread postby Admin » Thu Jan 24, 2013 2:36 pm

Types of Contract On the basis of Formation:

1. Express contract: Where the terms of the contract are expressly agreed upon in words (written or spoken) at the time of formation, the contract is said to be express contract.

2. Implied contract: An implied contract is one which is inferred from the acts or conduct of the parties or from the circumstances of the cases. Where a proposal or acceptance is made otherwise than in words, promise is said to be implied.

3. Tacit contract-Tacit contracts are implied contract in itself. e.g. Taking ticket in the bus, during journey..

4. Quasi contract: A quasi contract is created by law. Thus, quasi contracts are strictly not contracts as there is no intention of parties to enter into a contract. It is legal obligation which is imposed on a party who is required to perform it. A quasi contract is based on the principle that a person shall not be allowed to enrich himself at the expense of another.
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