Classification of contracts depending on gravity;
- Rescissible Contract.
Rescissible is one which has all the essential requisites of a contract by which may be set aside by reason of equity on account of damaged to one of the contracting parties or upon a third person.
Voidable – defective by reason of incapacity or vitiated consent of one of parties binding unless annulled by proper court of action.It is susceptible of ratification.
Unenforceable – one that cannot be enforced unless ratified and available only to contracting parties not to third persons.
Void or Inexistent Contracts – one which has no effect from the beginning (void ab initio), as if it had never entered into or which cannot be validated either by time or ratification.