The term “Contract Categories” refers to the various types of contracts that exist in the legal system, such as employment contracts, lease agreements, sales contracts, and service contracts. Each category has its own set of legal requirements and provisions that must be followed in order for the contract to be valid and enforceable. It is important for parties entering into a contract to understand the category of the contract they are entering into and the legal implications that come with it.
The different types of contracts include express contracts, implied contracts, unilateral contracts, bilateral contracts, executory contracts, and executed contracts.
An express contract is a contract in which the terms and conditions are explicitly stated, either orally or in writing, by the parties involved.
An implied contract is a contract that is not explicitly stated but is inferred from the actions, conduct, or circumstances of the parties involved.
A unilateral contract is a contract in which one party makes a promise in exchange for the other party’s performance. The contract is formed when the performance is completed.
A bilateral contract is a contract in which both parties make promises to each other. The contract is formed when both parties exchange their promises.
An executory contract is a contract in which one or both parties have not yet fulfilled their obligations. The performance is yet to be completed.
In general, contracts can be oral or written. However, certain types of contracts, such as contracts for the sale of real estate or contracts that cannot be performed within one year, must be in writing to be enforceable.
Yes, a contract can be modified or amended after it is signed, but both parties must agree to the changes and the modifications should be documented in writing to avoid any disputes.
If one party breaches a contract, the non-breaching party may be entitled to remedies such as damages, specific performance, or cancellation of the contract, depending on the circumstances and the terms of the contract.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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