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Different Types of Contracts

What are the types of contracts? How are contracts formed? What contracts must be in writing? Are oral contracts as binding as written contracts? Why are some contracts required to be in writing. What is the statute of frauds? What problems occur with enforcement of oral contracts?

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The various types of contracts are:

- Express Contract
exchange and acceptance of promises in which the parties involved agree to be bound.

- Implied Contract is one that is formed by actions and is not written or spoken; it is assumed to have been drawn, in which case no written record or oral agreement.

- Executed and Executory Contracts An executed contract is one in which no other action is required by either party, which is a misnomer, because completion signifies the contract no longer exists. An executory contract is one that refers to a future obligation to be done in accordance to the terms.

- Bilateral and Unilateral Contracts A bilateral contract is sometimes called a "two-sided" contract because both parties of the contract are making promises to each other, both with obligations to the other A Unilateral contract involves the promise of only one party, who promises to do something if the other person will perform or do a specific act.

- Unconscionable Contracts are those that are unjust or one-sided in their scope. Someone, at a weaker moment agree to something that no competent person would and the unconscionable portion of the name is ...

Solution Summary

Different types of contracts and descriptions of each are included also.