Type of CONTRACT

legal context

Express contract: An express contract is an agreement in which the terms and conditions are explicitly stated in writing or verbally.


Implied contract: An implied contract is an agreement in which the terms and conditions are not explicitly stated, but can be inferred from the actions and conduct of the parties involved.


Unilateral contract: A unilateral contract is an agreement in which one party promises to do something in exchange for the other party's performance of a specific act or duty.


Bilateral contract: A bilateral contract is an agreement in which both parties make promises to perform certain acts or duties.


Executed contract: An executed contract is a contract in which both parties have fulfilled their obligations.


Executory contract: An executory contract is a contract in which one or both parties have not yet fulfilled their obligations.


Void contract: A void contract is a contract that is not enforceable by law, usually because it violates some legal requirement.


Voidable contract: A voidable contract is a contract that is valid but can be legally avoided or cancelled by one or both parties.


Unenforceable contract: An unenforceable contract is a contract that cannot be enforced by a court of law, usually because it lacks some necessary legal requirement.

industry

Employment contracts: These are contracts between an employer and an employee that outline the terms and conditions of employment, such as job responsibilities, salary, benefits, and termination clauses.


Sales contracts: These are contracts between a buyer and seller that outline the terms of a sale, such as the price, delivery date, and payment terms.


Service contracts: These are contracts between a service provider and a client that outline the scope of services to be provided, the payment terms, and other details.


Non-disclosure agreements (NDAs): These are contracts that protect confidential information and trade secrets. They are often used when two parties need to share sensitive information in order to do business together.


Lease agreements: These are contracts between a landlord and a tenant that outline the terms of a rental agreement, such as the rent amount, lease duration, and maintenance responsibilities.


Partnership agreements: These are contracts between two or more parties who agree to operate a business together. They typically outline the roles and responsibilities of each partner, the distribution of profits and losses, and other details.

Express or Implied Contracts: Express contracts are those where the terms are explicitly stated by the parties, either orally or in writing, while implied contracts are those where the terms are not explicitly stated but are implied by the circumstances and conduct of the parties.


Bilateral or Unilateral Contracts: A bilateral contract is one where both parties exchange promises to perform certain obligations, while a unilateral contract is one where only one party makes a promise to perform, and the other party accepts by performing the required act.


Valid, Void, Voidable, and Unenforceable Contracts: A valid contract is one that meets all the legal requirements for enforceability, while a void contract is one that is not enforceable due to a legal defect. A voidable contract is one that can be invalidated by one or both parties, while an unenforceable contract is one that may have all the legal elements of a valid contract but cannot be enforced due to some legal technicality.


Executed or Executory Contracts: An executed contract is one where all parties have fulfilled their obligations, while an executory contract is one where some or all of the parties still have obligations to perform.


Formal or Informal Contracts: A formal contract is one that requires a specific form or procedure, such as a written document or a notarized signature, while an informal contract can be made verbally or by conduct alone.


Simple or Compound Contracts: A simple contract is one where there is only one obligation on each side, while a compound contract is one where there are several obligations on each side.

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