In this paper, we use the Lyapunov's second method to obtain new sufficient conditions for many types of stability like exponential stability, uniform exponential stability, $h$-stability, and uniform $h$-stability of the nonlinear dynamic equation \begin{equation*} x^{\Delta}(t)=A(t)x(t)+f(t,x),\;t\in \mathbb{T}^+_\tau:=[\tau,\infty)_{\mathbb T}, \end{equation*} on a time scale $\mathbb T$, where $A\in C_{rd}(\mathbb T,L(X))$ and $f:\mathbb T\times X\to X$ is rd-continuous in the first argument with $f(t,0)=0.$ Here $X$ is a Banach space. We also establish sufficient conditions for the nonhomogeneous particular dynamic equation \begin{equation*} x^{\Delta}(t)=A(t)x(t)+f(t),\,t\in\mathbb{T}^+_{\tau}, \end{equation*} to be uniformly exponentially stable or uniformly $h$-stable, where $f\in C_{rd}(\mathbb T,X)$, the space of rd-continuous functions from $\mathbb T$ to $X$. We construct a Lyapunov function and we make use of this function to obtain our stability results. Finally, we give illustrative examples to show the applicability of the theoretical results.