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- Types of contracts include12:
- Express contracts: Provide specific terms for the contract.
- Conditional contracts: Fulfillment of the contract depends on the meeting of specific conditions.
- Joint contracts: Multiple parties are involved in the contract.
- Implied contracts: Often verbal, these contracts are situational rather than explicit.
- Unconscionable contracts: One party has far more power than the other.
- Unilateral and Bilateral contracts: In unilateral contracts, one party promises to do something if the other party performs a certain act. In bilateral contracts, both parties promise to perform certain acts.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A few common types of contracts include:
- Express contracts: Provide specific terms for the contract.
- Conditional contracts: Fulfillment of the contract depends on the meeting of specific conditions.
www.contractscounsel.com/b/contract-lawTypes of contracts include:
- Unilateral and Bilateral Contracts: In unilateral contracts, one party promises to do something if the other party performs a certain act. In bilateral contracts (which are much more common), both parties promise to perform certain acts.
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A contract serves two purposes: it clarifies the terms of an agreement, and it ensures that legal sanctions will be imposed in the event of non-compliance. A contract needs to possess the following elements to be legally binding: 1. Capacity and competence (the ability to execute) 2. Offer (terms and … See more
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