CLASSIFICATION OF CONTRACTS

Contracts may be classified on the basis of their : (a) validity (b) formation (c) !erformance" A" #Alidity or $nfoceability %#alid contracts %#oid contracts %#oid a&reements %#oidable contracts %'nenforceable contracts %Ille&al A&reements (" Formation %$)!ress Contracts %Im!lied Contracts %*+asi Contracts %$"com" Contracts C" ,erformance %$)ec+ted contracts %$)ec+tory Contracts or (-) 'nilateral Contracts (.) (ilateral Contracts

/O0$S OF R$#OCATION OF OFF$R (S$CTION 1)

-" By notice of revocation" Offer may be revo2ed by a comm+nication of a notice of revocation by the offeree to the other !arty before acce!tance is com!lete a&ainst the offeror himself" An offer made in 3ritin& may be revo2ed by 3ords of mo+th" The notice of revocation may not al3ays be e)!ress" A notice of revocation to be effective m+st be comm+nicated to the offeree" ." By lapse of time" A !ro!osal 3ill come to an end by the la!se of time !rescribed in s+ch !ro!osal for its acce!tance or if no time is so !rescribed by the la!se of time of reasonable time is a 4+estion of fact de!endin& +!on the circ+mstances of each case" 5here the s+b6ect matter of the contract is an article li2e &old the !arties of 3hich fl+ct+ate daily in the mar2et very short !eriod 3ill be re&arded as reasonable made late in november" 7" By non-fulfillment of condition precedent" A !ro!osal is revo2ed 3hen the acce!tor fails to f+lfill a condition !recedent to the acce!tance of the !ro!osal 3hich 3as conditional offer" Th+s 8 may offer to sell certain &oods to 9 on a condition that 9 !ays a certain amo+nt before a certain date" :" By death or insanity" A !ro!osal is revo2ed by the death or insanity of the !ro!oser if the fact of his death or insanity comes to the 2no3led&e of the acce!tor before acce!tance" ;" (y counter offer" An offer comes to end 3hen the

offeree ma2es a co+nter offer or re6ects the offer" 5here an offer is acce!ted 3ith some modification in the terms of the offer or 3ith some other condition not formin& !art of the offer s+ch 4+alified acce!tance amo+nt to a co+nter offer" 1" By the non-acceptance of the offer according to the prescribed or usual mode" The offer 3ill also stand revo2ed if it has not been acce!ted accordin& to the !rescribed" <" By subsequent illegality" An offer la!ses if it become ille&al after it is made and before it is acce!ted" Th+s 3here an offer is made to sell -= ba&s of 3heat for Rs" .;== and before it is acce!ted a la3 !rohibitin& the sale of 3heat by !rivate individ+al is entered the offer comes to end"