Legal work and laws differ variedly from country to country and therefore before signing or involving yourself in any kind of legal binding, it is quintessential for you to gain a deep understanding of how legal contracts work in that particular country. In this article, the legal contracts in India will be discussed so that you may garner a thorough understanding of the workings of the Indian contract law. This will help you make better informed decisions in future.
To give you a clearer picture of the Indian legal system, following is the bifurcation of various legal contracts under the Indian Contract Act depending upon four different factors. The first kind to be discussed is the contracts based on creation, meaning contracts that can be classified depending on the way they were created. The express contract is usually a verbal or written document of understanding. The implied contract is any documentation other than written or verbal, simply depending upon the conduct of an individual. The third contract based on creation is the tacit contract which is silent due to a non-contradictory understanding.
The next type of contract is based on execution, meaning the way they are executed. An executed contract is usually a signed agreement between two individuals confirming of having fulfilled their legal actions mentioned in the contract. An executory contract is said to existing when the two individuals are yet to complete their legal responses present in the contract. And finally a partly executed contract is a signed agreement between two individuals where only one of them is yet to fulfil his legal duties from the contract.
The third bifurcation of contracts is based on enforceability of it. A contract is said to be valid only when it is approved by the Indian Court of Law. If a contract is void, it would mean that even though it is valid it is inapplicable due to the duration of the contract as the laws might have changed or some other change has taken place. A void agreement happens in case if it isn’t approved by the Indian Court of Law. The contract is said to be illegal if the terms in the contract aren’t enforceable by the court of law. And if a contract is valid but yet unenforceable due to some technical glitches then it is called an unenforceable contract.
The fourth and the last type of contract classification can be made on the basis of the duration of the contract. There are contracts that are either full time or part time. These contracts are usually enforced in a typical employment setting where the full-time contract requires for the other party to work for 40-60 hours a week and the part time one requires a minimum of 30 hours of work per week. Apart from these there are fixed-term contract where the completion of the task has to be executed within the agreed time-period. Then there are agency staff contracts that are usually signed with agencies that would provide staff for your company. Lastly there are zero hour contracts that allow you to employ professionals already working for another employer for a short period of time.
To conclude this article, the advice would be to contact legal companies that are capable of handling all the types of contracts mentioned above so that you may not have to keep shuffling between two or more legal companies for your varied requirements of legal contracts in India. These companies play a key role in drafting the contract as every minuscule detail of your agreement has to be skillfully placed within the document.