Legal Problem Solving

LEGAL PROBLEM SOLVING
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Question 1
A contract may be defined as an agreement which relates to commitments that are made by
the contracting parties (two or more) with the underlying intention of legal rights and
obligations creation and to be held enforceable in the court of law. The classification of the
contract can be done on a variety of factors as highlighted below.
 According to promise
1) Unilateral Contract – In this, the offer is not directed to a particular entity but to a large
number of entities and the acceptance can be communicated by indulging in the specified
action as per the offer.
2) Bilateral Contract – In this, the offer is directed towards a given individual or entity and
acceptance needs to be communicated using appropriate communication means to the offeror.
 According to enforceability.
1) Valid Contract – In this. All the requisite contractual elements are satisfied and hence it is
legally enforceable.
2) Voidable Contract – The injured party has the right to either enforce the contract or hold it
void.
3) Void Contract – There are no legal rights and obligations for any contractual party since it
is void ab initio or void from the very beginning
4) Unenforceable Contract – This type of contract would be valid but cannot be enforced
owing to absence of requisite procedural requirement and hence remedy is provided by the
party.
5) Illegal Contract – Any contract which is treated as void owing to breach of law or statute.
 According to Performance
1) Executed Contract – The underlying contractual obligations in this are performed at the
time when the contract is made.
2) Executory Contract – Even though the contract may have been enacted, but the concerned
parties have not performed their obligations and would do so in future.