The Indian Contract Act, 1872 is a major legislation that governs the law of contracting in India. It sets out the various types of contracts that are recognized and enforceable in India. As a professional, I will provide a brief overview of the types of contracts recognized under the Indian Contract Act, 1872.

1. Express Contract: An express contract is a type of contract that is formed by the explicit and intentional actions of the parties involved. In this type of contract, the terms and conditions are clearly stated and agreed upon by both parties in writing or verbally.

2. Implied Contract: An implied contract is a type of contract that is formed by the actions and conduct of the parties involved, rather than by explicit agreement. In this type of contract, the terms and conditions may not be expressly stated, but are still enforceable based on the conduct and intent of the parties.

3. Quasi Contract: A quasi contract is a type of contract that is not actually a contract, but is enforced as if it was a contract in order to prevent unjust enrichment. This type of contract is based on the principle of equity, and is used when there is no actual contract between the parties but one party has benefited at the expense of the other.

4. Executed Contract: An executed contract is a type of contract where all the terms and conditions have been fully performed by both parties. In this type of contract, both parties have fulfilled their obligations and the contract is considered to be completed.

5. Executory Contract: An executory contract is a type of contract where some or all of the terms and conditions have not yet been performed by one or both parties. In this type of contract, there are still obligations that need to be fulfilled before the contract is considered completed.

In conclusion, the Indian Contract Act, 1872 recognizes various types of contracts, each with their own unique characteristics and requirements. These contracts play a vital role in the business and legal landscape of India, and it is important to understand them in order to properly navigate the complexities of business and legal transactions.