Contract
Essential of Contract
kinds of Contract
A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of their mutual obligations. Contracts can be verbal or written and are used in a variety of settings, including business, employment, and personal relationships.
There are several essential elements that must be present for a contract to be legally enforceable:
Offer: One party must make a clear and definite offer to enter into an agreement.
Acceptance: The other party must accept the offer without any changes or modifications.
Consideration: Both parties must exchange something of value, such as money or services.
Intent to create legal relations: Both parties must intend to be legally bound by the contract.
Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of legal age and have the mental capacity to understand the terms of the agreement.
There are several types of contracts, including:
Express Contract: An express contract is a contract in which the terms are explicitly stated, either in writing or verbally.
Implied Contract: An implied contract is a contract in which the terms are not explicitly stated, but can be inferred from the actions or conduct of the parties involved.
Bilateral Contract: A bilateral contract is a contract in which both parties make promises to each other.
Unilateral Contract: A unilateral contract is a contract in which one party makes a promise in exchange for the other party’s performance.
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.
