The Indian Contract Act of 1872 governs contracts in India, essentially regulating agreements between two parties. The act lays down guidelines for the formation, enforcement, and discharge of contracts, and it is essential for anyone dealing with contracts, whether it is an individual or a business entity, to be familiar with the types of contracts under the act.

Let`s dive into the different types of agreements under the Indian Contract Act:

1. Express contract: An express contract is formed when the parties involved make their contractual provisions known explicitly, either in writing or orally. The terms and conditions of the contract are discussed, negotiated, and agreed upon beforehand. An express contract can be either in writing or verbal, provided that there is clarity in the terms and conditions laid out.

2. Implied contract: An implied contract, also known as an implied-in-fact contract, is one which is not explicitly stated but rather inferred from the actions, conduct, or behavior of the parties involved. In other words, the obligations and responsibilities of each party are understood even if they are not expressly agreed upon. For example, if you go to a restaurant and order food, it is understood that you will pay for the meal.

3. Void contract: A void contract is invalid from the start with no legal effect whatsoever. Such agreements are not enforceable by law, and neither party can claim any rights or remedies under them. This can occur when the terms of the contract are unlawful, void ab initio (void from the beginning), or against public policy. Any transaction that involves fraud, coercion, or undue influence may also be considered void.

4. Voidable contract: A voidable contract is a contract that can be canceled or avoided by one party but is enforceable until such cancellation. The party who wants to terminate the contract must notify the other party of their intention to do so within a specific period. For example, a contract entered into by a minor is a voidable contract, as the minor can cancel the agreement at any time before they turn 18.

5. Wagering contract: A wagering contract is an agreement between two parties where the outcome of a future event is uncertain, and each party stands to win or lose money depending on the outcome. The essential characteristic of a wagering contract is that it involves an element of chance, and the parties involved are not interested in the subject matter of the contract itself.

6. Unilateral contract: In a unilateral contract, one party is obligated to perform an act or service in exchange for the other party`s promise of consideration. The contract is only formed when the act or service has been performed, and the other party has fulfilled their obligation to provide consideration. For example, an advertisement offering a reward for finding a lost pet is a unilateral contract, as the reward is only payable if the lost pet is found, and the act of finding the pet is the consideration.

In conclusion, the Indian Contract Act provides a framework for all types of contracts, whether it be an express contract or an implied one. Before entering into any agreement, it`s essential to ensure that the contract meets the legal requirements of the Indian Contract Act. This can save parties from future hassles or legal issues.