Types of a Contract

 

WHAT ARE THE TYPES OF CONTRACTS?

There are different types of contracts and these include:

·         Void contracts

      Contract that cannot be enforced by law because it involves an illegal act or an agreement which is impossible to execute

·         Voidable contracts

      Contract that is valid but can be nullified because one of the parties is not bound to the contract legally, which can range from misrepresentation of facts, non-disclosure of key facts, agreement with a minor, coercion etc.

·         Valid contracts

      Contract that has all key elements of a contract correctly complied with by both parties to the contract and can be enforced by law