A contract is a legal agreement that distinguishes and regulates the privileges and responsibilities between or between its parties. A contract can be legally implemented when it fulfils the regulations of applicable law. A contract usually contains goods, services, money or a promise of any of them. In case of infringement of contract, the injured party can seek judicial redressal such as damages or cancellation. Different countries have laws that infer the reciprocal responsibilities of those who live there. Contract may be classified based on their validity, formation, or performance. There are Valid Contracts, Void Contracts, Void agreement, Unenforceable Contracts and Illegal Agreements. Contract classified according to formation are Express Contract, Implied Contract, Constructive or Quasi Contract and E-com contract or contracts over the internet. Classification based on performance are Executed Contract and Executory Contract. It is a voluntary agreement between two or more persons or parties, according to which the other party is obligated to lend, do, tolerate or act distinctly in exchange for an act, conduct or action offered by one party.

Abhijith S

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