NCh4 Types Of Contracts

Question 1

The type of contract that is written or stated, like a written sales, contract, verbal lease agreement, or written, listing, or a verbal buyer representation agreement is called

Answer 1

Express contract

Question 2

The type of contract that is by actions or evidence where the agreement is neither written, or discussed just simply performed like taking a taxi ordering from a menu, feeling your gas tank or pay at the pump with a credit card is called

Answer 2

Implied contract

Question 3

The type of contract that binds only one party. An “If . . then. . “ contract is called

Answer 3

Unilateral contract

Question 4

The type of contract that gives the right to purchase property within a definite time or at a definite price, where there is no obligation for the purchaser to buy but the seller is obligated to sell is called

Answer 4

Option contract

Question 5

The type of contract is an exchange of promises, which binds both parties like a sales contract, or both parties make promises and either or both can be sued is called

Answer 5

Bilateral contract