Contract Flashcards
What is the meaning of a contract?
A contract is a legal binding agreement between 2 or more parties that outline the Terms & Conditions of their relationship. It can be written or available. What written contracts are generally preferred to avoid misunderstandings?
What are the different types of contract?
Express contract: a contract where the Terms & Conditions are explicity
Written contract: A inside contract where the Terms & Conditions are implied by the actions and circumstances of the parties involved.
Unilateral contract: A contract where one party makes a promise in exchange for the other party’s action
Bilateral Contract: A contract where both parties make promises to each other
Oral contract: A contract that is agreed of one verbally without a written document
Written contract: I written a contract that is agreed upon in writing with a signed document.
