Contracts - Introduction and Classification

Question 1

What are the types of contracts? And Explain

Answer 1

1) Express - oral/written
2) Implied - contract formed by the conduct of parties
3) Executory - None of the parties have completed the contract
4) Partially executed - Where one party has executed the contract and the other has not
5) Void - Contract that does not have a legal purpose or is in violation of the law
6) Voidable - It is a valid contract that can be broken at the option of the party protected by law
7) Unenforceable - Valid contract that cannot be enforced by law but can be honored by the parties if they so wish to.
8) Executed Contract - Execute by both parties
9) Unilateral - Promise in exchange for an action
10) Bilateral - Promise in exchange for a promise
11) Valid - Contract that has all the elements to make it a valid contract
12) Quasi - contract that is enforced by law to prevent unjust enrichment

Question 2

Always ask the question…

Answer 2

Am I under UCC or Am I under Common Law?