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1. What are the characteristics of a legally enforceable contract?

2. What types of contracts are you involved with personally and professionally?

3. What is the difference between bilateral and unilateral contracts?

4. What role do contracts play in the U.S. economic system?

5. What is the difference between agency and contract , if any?

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The response addresses the queries posted in 892 Words, APA References

Characteristics of a Legally Enforceable Contract

The main characteristics of a legally enforceable contract are:

Ø Plurality of parties: The contract should involve two or more parties (Jan, Kumarayanake, Hanson, Roberts & Archibald, 2006).

Ø An authorized proposal and acceptance: For making a contract, it is necessary for one party to provide an authorized proposal to another party and the other party should accept it.

Ø Aim to establish legal relations: Legal relations are necessary to be established between the parties forming a contract, so as to enforce the contract in the court of law.

Ø Consideration: Consideration refers to the payment of something in return of the proposal. Therefore, every contract must be supported by consideration (Jan, Kumarayanake, Hanson, Roberts & Archibald, 2006).

Ø Compliance of legal formalities: The mode of forming the contract may be oral, or written within the legal effects. It should be in written form or in the presence of some witnesses or registered.

Types of Contracts

There are different types of contracts which are classified into various categories according to the Legality, Mode of Formation and the Extent of Execution. The types of contracts classified on the basis of legality are valid contracts, void contracts, void able contracts and unenforceable contracts. According to the Mode of Formation, contracts can be classified into Express contracts, implied contracts and Quasi-contracts. According to the Extent of Execution, contracts can be ...

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The response addresses the queries posted in 892 Words, APA References

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