Is there any university that is offering a 1-year LLM program to law graduates?

Yes, many universities offer a 1-year LLM program to students after completing a law degree. Jindal Global Law School (Blended Learning Program) - INR 3,50,000 Lovely Professional University - INR 1,60,000 National Law University, Delhi - INR 1,25,000 Symbiosis Law School International, Pune - INR 2,50,000 UPES - INR 2,79,000 NLU, Kolkata - INR 1,39,000

List the Top Universities offering Law degrees in India.

Below are the top listed listed universities in India that are offering Law degrees to students. These universities are listed based on the NIRF ranking 2024: National Law School of India University National Law University NALSAR University of Law NLU Kolkata - The West Bengal National University of Judicial Sciences Symbiosis Law School Faculty of Law, Jamia Millia Islamia Indian Institute of Technology Gujarat National Law University Siksha ‘O’ Anusandhan University - SOA National School of Law Babasaheb Bhimrao Ambedkar University (BBAU)

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Home ❯ Online LLM ❯ Types of Contracts in Business Law - Explained with Examples

Types of Contracts in Business Law - Explained with Examples

Sonika Jun 23, 2025 1K Reads

Business Law is a branch of law that regulates the rights and conduct of individuals, relationships, and business conduct involved in sales, trade, or commerce. Various key areas are covered by business law, including corporate governance, employment law, intellectual property, securities law, antitrust law, contracts, consumer protection, bankruptcy law, and many more. Below are a few points that need to be considered if you wish to learn more about Business laws.

The legal issues of establishing and operating a business are governed by business law.
It guarantees that companies abide by tax and licensing regulations.
It assists in settling conflicts between companies or people.
It governs the drafting and enforcement of contracts. Acquisitions, dissolutions, and mergers are all covered under business law.
The rights of both employers and employees are maintained by business law.
It encourages fair competition and moral corporate conduct.

Business contracts

Business contracts are the terms of agreements that are to be signed by two or more parties who are working together. Certain key aspects of business contracts include risk management, which is enforceable in a court of law. Let’s get an idea of the types of Business Contracts and keep reading this blog to get to know about them in detail.

Types of Business Contracts
Based on Validity	Valid contract Void contract Voidable contract Illegal contract Unenforceable contract
Based on the formation	Express contract Implied contract Quasi-contract E-contracts
Based on Performance	Executed contracts Executory contract Partly executed and partly executory contract Unilateral contract Bilateral contract
Specialized business contracts	Employment Contracts Sales and Purchase Agreements Non-Disclosure Agreements (NDAs) Partnership Agreements Franchise Contracts

Importance of Contracts in Business

It is a must to have a contract signed before starting a project or business this will ensure and explain the detailed roles for each of the partners.

Let’s see what the importance of contracts in business is:

Defines Obligations: Contracts minimize disputes by outlining each party's obligations in detail.
Clarifies Terms: Contracts make sure that everything is clear by outlining terms of payment, due dates, deliverables, and limitations.
Facilitates Business Relationships: By demonstrating a professional dedication to contractual terms, they contribute to the development of trust.
Supports Compliance: Contracts help companies work according to the rules, guidelines, and industry standards. This is the only way to adhere to the rules and support compliance.
Offers Legal Recourse: Contracts provide a foundation for pursuing risks or a legal remedy in the event of an infringement or breach.
Creates Ownership Rights: Contracts specify data ownership, trade rights, and intellectual property.
Strengthens Negotiations: By outlining conditions and expectations precisely, contracts operate as instruments for successful negotiation.
Secures Payments: By including explicit billing and penalty provisions, contracts guarantee on-time and complete payments.
Exhibits Professionalism: A well-written contract shows competence in the business and a dedication to ethical behavior.
Legal Protection: In any case of a conflict, they offer a legal framework in the name of a contract that prevents each party's interests. This is a must to consider in any kind of business so that there may not be any dispute among two or more parties working together.
Controls Liability: By outlining responsibilities, guarantees, and disclaimers, they reduce both legal and financial liabilities.
Encourages Dispute Resolution: Contracts are developed to agree with the partners to avoid any future disputes through the contracts or agreements. Thus, it is said that it supports or encourages dispute resolution.
Boosts Operational Efficiency: By eliminating uncertainty and increasing accountability, clear contracts simplify processes.
Maintains Confidentiality: Contracts with non-disclosure clauses safeguard private company data.
Reduces Risk: Drafting the documents of the contracts limits the risks associated with the finances and the operations of settling down the consequences and expectations.

Types of contracts

Based on Validity

Based on validity, business contracts are classified into the following types:

Based on Validity
Valid contract	A valid contract is an agreement between two or more parties that is created with mutual consent, a legal purpose, and lawful consideration, ensuring rights and obligations are clearly defined, discussed, and protected.
Void contract	A contract that is void from the start because it lacks necessary components or involves unlawful or impractical activity is known as a void contract.
Voidable contract	A legally binding agreement can be rejected or enforced by one party for reasons such as deception, coercion, inappropriate influence, or incapacity.
Illegal contract	An illegal contract contains actions that violate public policy or the law, rendering it void from the start and ineffective in court.
Unenforceable contract	Although a contract is legally enforceable, it cannot be enforced in court because of technological difficulties or improper legal procedures.

Based on the formation

The following are the types of contracts based on the formation:

Based on the formation
Express contract	A written or verbal agreement with explicit provisions that demonstrate the parties' shared desire and understanding to create a legally enforceable relationship is an express contract
Implied contract	A shared purpose to create a legally binding agreement is indicated by an implied contract, which is created by the parties' conduct, behavior, or situation rather than by written or spoken words.
Quasi-contract	Even in the absence of a formal agreement among parties, a court can establish a quasi-contract as a legal requirement to prevent undue enrichment.
E-contracts	E-contracts, which are frequently used in online activities and are enforceable within contract law principles, are digital agreements that are made and performed electronically.

Based on Performance

Based on performance, business contracts are divided into the following types:

Based on Performance
Executed contracts	Contracts that have been executed are those in which all parties have fulfilled their end of the compromise or agreement, leaving no responsibilities to be fulfilled and the agreement complete and enforceable.
Executory contract	A contract that stipulates that the parties involved still have duties or responsibilities to fulfill in the future is executory (contract).
Partly executed and partly executory contract	A contract that is partially executed and partially executory is one in which one party has performed all of their duties while the other party's compliance is still outstanding or lacking.
Unilateral contract	In a unilateral contract, one party promises something in return for another party performing a certain act; once the act is finished, the promise becomes legally binding.
Bilateral contract	A bilateral contract is an arrangement in which both parties pledge to carry out specific tasks, resulting in a legally binding agreement that is enforceable after both parties have accepted it.

Specialized business contracts

Specialized contracts are those contracts that conclude various other contracts used in businesses. Let’s have a look at their description:

Specialized business contracts
Employment Contracts	To provide clarity and legal protection for both parties, employment contracts are official contracts between employers and staff members that specify job duties, compensation, length, perks, and termination clauses.
Sales and Purchase Agreements	Legal contracts that specify terms for purchasing or selling commodities or goods, such as price, delivery, warranties, and the obligations of both parties, are trade and purchase agreements.
Non-Disclosure Agreements (NDAs)	Legal contracts known as non-disclosure agreements (NDAs) protect private information by preventing parties from sharing or releasing it without consent, guaranteeing both privacy and business security.
Partnership Agreements	Partnership agreements provide seamless operation and legal clarity in a business partnership by outlining obligations, liabilities, profit-sharing, and decision-making guidelines amongst partners.
Franchise Contracts	Franchise agreements, which specify costs, responsibilities, and conditions between the franchisor and franchisee, grant the right to conduct business under a brand's name.

How to choose the right contract type for your business

Choosing the right contract type is a must in a business. Several criteria are there that an individual needs to consider before drafting one. These criteria are:

Criteria	Description
Understand Your Business Needs	Determine whether the transaction is a sale, partnership, job, service, or lease.
Consider the Parties Involved	To determine the ideal contractual framework, consider each party's positions and duties.
Review Legal Requirements	Certain contract kinds are necessary for certain industries to adhere to legal requirements.
Determine the Complexity	Contracts with several terms and clauses may be necessary for complex transactions.
Decide on Contract Formation	Depending on how the agreement is started, you can choose between express, implicit, or informal contracts.
Validity Status	Verify that, under current business legislation, your contract will be legal and legitimate.
Include Confidentiality & IP Clauses	These are essential in contracts that involve technology, employment, and alliances.
Seek Legal Advice	To be sure the chosen contract type is both legally sound and in line with your business goals, speak with a legal expert.
Know the Purpose	Decide whether the contract should outline deliverables, provide protection, or be clear.
Assess Duration	To choose the appropriate format, determine whether the relationship is one-time, continuing, long-term, or short-term.
Factor in Risk	Examine the associated legal and financial risks and select a contract that reduces them.
Check for Customization Needs	Instead of adopting generic templates, some contracts must be customized to particular company requirements.
Performance Obligations	Consider about if the contract will be performed or executory, unilateral, or bilateral.
Clarity of Terms	Select a contract that has few uncertainties and permits precise, quantifiable phrases.
Dispute Resolution	Select agreements that include formal channels for resolving disputes, such as mediation or a hearing.

Common mistakes to avoid in business contracts

Business is growing at a fast pace in this competitive world. Every business needs to set certain rules and regulations to maintain the decorum of the office. However, certain common mistakes are still left behind in business contracts. Let’s know about those mistakes to avoid in business contracts:

Mistakes to avoid	Description
Vague Language	Legal problems and uncertainty can result from the use of unclear or incorrect words.
Ignoring Legal Review	Ignoring important terms or compliance concerns may arise from not consulting a legal expert.
Unclear Payment Terms	Insufficient information on prices, invoices, and penalties might impact cash flow and lead to disputes.
No Dispute Resolution Clause	Agreements become expensive and time-consuming if the conflict resolution process is not clearly defined.
Skipping Signatures	Contracts that are not signed are void and not legally enforceable.
Lack of Specificity	The enforceability of the contract is weakened when duties, deadlines, and deliverables are not specified.
No Termination Clause	Leaving out exit plans or termination clauses might put parties in a difficult situation.
Verbal Agreements	When informal agreements or spoken commitments are used in place of formal contracts, enforceability problems arise.
Overlooking Jurisdiction	Enforcement may become more difficult if relevant laws or legal jurisdiction are disregarded.
Using Generic Templates	One-size-fits-all contracts frequently lack the necessary customization for particular business requirements.

How to become a business lawyer who can help businesses?

To become a lawyer who can resolve disputes and help businesses through their legal expertise, they must look for top universities that offer a good-quality education.

Here is a list of top universities offering LLM programs along with their fee structure and specializations offered.

Top Law universities (Based on NIRF ranking 2024)

Law schools are branching out into more areas and specializations. Every year, the National Institutional Ranking Framework creates its list by taking into account several parameters and inspecting universities to examine them. The NIRF ranking list is created by assigning grades to each institution based on these elements and criteria.

The top ten Indian universities according to the NIRF 2024 ranking are shown below:

Rank	Name	City	Fees	Specializations
1	National Law School of India University	Bengaluru	Admission fee (one time) – Rs. 12,000/- Tuition and Facilities fee – Rs. 2,69,000/- Off-campus housing fee (optional) – 1,12,500/- Total fee per annum – Rs. 3,93,500/- One-Time Refundable Deposit Refundable deposit for SC/ST category students – Rs. 15,500/- Refundable deposit for other students – Rs. 20,000/- The total amount payable by SC/ST category students is Rs. 4,09,000/- The total amount payable by other students is Rs. 4,13,500/-	Public Law Criminal Law Commercial Laws Law and Technology
2	National Law University	New Delhi	For Indian students, the program's tuition is INR 1,25,000. Foreign students must pay USD 3500 in tuition. There will also be additional costs for re-registration, retake exams, etc.	Criminal Law Banking and Finance Studies Intellectual Property Law Commercial Law Environmental Law and Justice Consumer Law and Practice Health Law and Policy Taxation Law
3	NALSAR University of Law	Hyderabad	For the LL.M. 2-year full-time course Tuition fee for 1 semester - INR 5,50,000 Refundable fee - INR 20,000 Application Fee (non-refundable): INR 5,000/- (INR 4,000/- for OBC / PWD; INR 3,500/- for SC/ST/EWS) For the LL.M. 1-year course Total fee including refundable deposit - INR 1,89,500	2-year LLM program Criminal Law Corporate and Commercial Law Intellectual Property Law Public Law and Legal Theory International Trade and Business Law LL.M. Programme in Insolvency and Bankruptcy Laws 1-year program Corporate and Commercial Laws (including consumer laws) Intellectual Property Laws Legal Pedagogy and Research International Trade and Business Laws Personal Laws Criminal Laws Public Law and Legal Theory
4	NLU Kolkata - The West Bengal National University of Judicial Sciences	Kolkata	Fee for 1-year LL.M. program - INR 2,08,200 Fee for 2-year LL.M. program (for first year) - INR 1,67,000	2-year program Data Science and Data Protection Law 1-year program Corporate and Commercial Law International & Comparative Law Criminal & Security Law Law & Technology Intellectual Property Law
5	Symbiosis Law School	Pune	First installment (including 10,000 refundable institute deposit) - INR 1,35,000 Second installment - INR 1,25,000	Business and Corporate Law Criminal and Security Law Constitutional and Administrative Law Innovation, Technology, and Intellectual Property Law Human Rights Law Family Law European Union Legal Studies Law, Policy, and Good Governance
6	Faculty of Law, Jamia Millia Islamia	New Delhi	Ranges between INR 1 Lakhs - 10 Lakhs	Corporate Law Criminal Law Personal Law Corporate Law (self-financed) Criminal Law (self-financed) Personal Law (self-financed)
7	Indian Institute of Technology	Kharagpur	INR 2.5 Lakhs to INR 3 Lakhs	Intellectual Property Law Corporate Law Taxation Criminal Law International Law Constitutional Law Competition Law
8	Gujarat National Law University	Gandhinagar	INR 1.2 Lakhs to INR 6 Lakhs	Corporate and Business Law Criminal and Security Law Constitutional and Administrative Law Intellectual Property Law
9	Siksha ‘O’ Anusandhan University - SOA National School of Law	Bhubaneshwar	INR 1.5 Lakhs	Corporate and Commercial Law Criminal and Security Law
10	Babasaheb Bhimrao Ambedkar University (BBAU)	Lucknow	Tuition fee for LL.M. (Law) 2-year program and Human Rights - INR 1,500 per semester Tuition fee for paid seats - INR 45,000 per semester Tuition fee for 1-year LL.M. program - INR 55,000 per semester	2-year LL.M. program Human Rights Law Law 1-year LL.M. program International and Comparative Law Constitutional and Administrative Law Law and Governance Legal Pedagogy and Research Family and Social Security Law Criminal and Security Law Corporate and Commercial Law

Universities offering a 1-year LLM program

Various universities in India are offering a 1-year LLM program that allows students to learn at their own pace and study at any time. Students get the biggest advantage of flexibility; they can study from anywhere in the world. Let’s get to know about such universities or colleges that offer 1-year LLM programs with their offered specializations.

Top colleges offering a 1-Year LLM program
Colleges	Specializations
Jindal Global Law School (Blended Learning Program)	Corporate & Financial Law AI and Emerging Technologies Intellectual Property & Technology Law Dispute Resolution
Lovely Professional University	Business Law Constitutional Law Criminal Law Intellectual Property Law International Law
National Law University, Delhi	Criminal Law Banking and Finance Studies Intellectual Property Law Commercial Law Environmental Law and Justice Consumer Law Health Law and Policy Taxation Law
Symbiosis Law School International, Pune	Business and Corporate Law Constitutional Law and Administrative Law Innovation, Technology, and Intellectual Property Law Criminal Law and Security Law Human Rights Law Law, Policy, and Good Governance Family Law EU Law and International Law Telecommunication, Media, and Technology Law Climate Change Law and Policy* (Approval in process)
UPES	Corporate and Commercial Law Alternate Dispute Resolution Intellectual Property Rights Environmental and Energy Law Cyber Security and Digital Law
NLU, Kolkata	Corporate and Commercial Law International Law & Comparative Law Criminal and Security Law Intellectual Property Law Law and Technology

Here is the fee for the above-listed universities or colleges that offer 1-year LLM programs:

LLM 1-year program fees for various institutions
Institutions	Total Fees
Jindal Global Law School (Blended Learning Program)	INR 3,50,000
Lovely Professional University	INR 1,60,000
National Law University, Delhi	INR 1,25,000
Symbiosis Law School International, Pune	INR 2,50,000
UPES	INR 2,79,000
NLU, Kolkata	INR 1,39,000

Jindal Global Law School

The LLM program at Jindal Global Law School is offered in a hybrid, or blended, learning mode. The college provides access to its Learning Management System, where students can learn through many forms of study material, including live lectures, assessments, recorded lectures, e-libraries, case studies, and more. Let us take a closer look at the available specializations, the cost, and the course outline.

Advantages of pursuing an LLM through a blended learning mode:

Flexibility
Face-to-face interaction
Guest lectures
Enhance digital skills
Various growth opportunities
Self-paced learning
Learn from global faculty
Balances personal and professional life
Access to recorded lectures

Specialization offered:

Corporate & Financial Law Online
AI and Emerging Technologies Online
Intellectual Property & Technology Law Online
Dispute Resolution Online
Taxation Law, Policy, and Regulation

Eligibility criteria:

Must have completed a bachelor’s degree in law with a minimum of 55% from a recognized university or equivalent institution.
Entrance exam scorecard - LSAT, or JSAT

Fee structure: Course fee - INR 3,50,000

Syllabus:

Every university offers certain subjects in particular specializations. They use it to develop the best syllabus possible. At Jindal Global Law School, they take the help of law professionals and legal experts to develop their syllabi for each of the specializations offered by them. Let’s get a detailed knowledge of the syllabus offered by the Jindal Global Law School:

Syllabus at Jindal Global Law School (Blended Learning Program)
Specializations	Syllabus/Subjects
Corporate & Financial Law	Legal Research Methodology Law and Justice in a Globalizing World Comparative Public Law Advanced Company Law A Practitioner’s Approach to Competition Law in India Commercial Contract Drafting M&A and Private Equity Corporate Insolvency Law Dissertation
AI and Emerging Technologies	Legal Research Methodology Law and Justice in a Globalizing World Comparative Public Law Advanced IPR and IT Law Intellectual Property and New Technology, AI GDPR: A European Example of Data Protection Law, AI Introduction to GDPR Regulating AI Ethica, Law, and AI Comparative AI Regulation Dissertation
Intellectual Property & Technology Law	Legal Research Methodology Law and Justice in a Globalizing World Comparative Public Law Advanced IPR and IT Law Intellectual Property and New Technology, AI Music and Copyrights TRIPS and Public Health GDPR: A European Example of Data Protection Law
Dispute Resolution	Legal Research Methodology Law and Justice in a Globalizing World Comparative Public Law International Commercial Arbitration Principles and Practice of Arbitration in India Investment Arbitration Negotiation and Meditation Recognition, Enforcement, and Execution of Arbitral Awards Ethical Issues in Alternative Dispute Resolution Dissertation
Taxation Law, Policy, and Regulation	Structure and implementation of GST Registration, compliance, valuation, and input credit mechanisms Audit and appeals processes under indirect tax laws Legal and procedural aspects of Customs regulations Import-export duties and Special Economic Zones (SEZs) Enforcement mechanisms and recent legal developments Use of technology in tax administration - theory and practical insights

Conclusion

In this blog, you get to learn about various contracts and their types. In every business, contracts and agreements should be there so that every individual knows their roles and responsibilities. This prevents the chances of confusion in the future. If you are looking for a future in business law, then you get to learn about various universities and colleges that offer law studies and degrees. You just need to work hard on your studies while practicing on the court.

FAQs (Frequently Asked Questions)

Various types of business contracts are there that are used in the business or commercial field: Based on Validity (Valid contract, Void contract, Voidable contract, Illegal contract, Unenforceable contract), Based on the formation (Express contract, Implied contract, Quasi-contract, E-contracts), Based on Performance (Executed contracts, Executory contract, Partly Executed and partly executory contract, Unilateral contract, Bilateral contract), Specialized business contracts (Employment Contracts, Sales and Purchase Agreements, and Non-Disclosure Agreements (NDAs), Partnership Agreements, Franchise Contracts).

The conditions of agreements that two or more parties operating collectively must sign are known as business contracts.

Yes, many universities offer a 1-year LLM program to students after completing a law degree.

Jindal Global Law School (Blended Learning Program) - INR 3,50,000
Lovely Professional University - INR 1,60,000
National Law University, Delhi - INR 1,25,000
Symbiosis Law School International, Pune - INR 2,50,000
UPES - INR 2,79,000
NLU, Kolkata - INR 1,39,000

Various points are there. Still, here are a few important ones and those are: regulates contracts, guides mergers & acquisitions, manage disputes, projects intellectual properties, and more.

Becoming a lawyer in India is one of the greatest positions that one can do. For this position also, lawyers need to be good at several things and skills. A few of them are communication, analytical skills, contract drafting, attention to detail, problem-solving, ethical judgment, client management, and more.

Choosing the right contract type is a must in a business. Several criteria are there that an individual needs to consider before drafting one. These criteria are: Understand Your Business Needs, Consider the Parties Involved, Review Legal Requirements, Determine the Complexity, Decide on Contract Formation and validity Status, Include Confidentiality & IP Clauses, Seek Legal Advice, Know the Purpose, Assess Duration, Factor in Risk, Check for Customization Needs, Performance Obligations, Clarity of Terms, and Dispute Resolution.

Below are the top listed listed universities in India that are offering Law degrees to students. These universities are listed based on the NIRF ranking 2024: