Week 4 - Types of Contract

Question 1

What are the two types of contract?

Answer 1

• speciality contracts
• simple contracts

Question 2

Which type of contract is more common nowadays and why?

Answer 2

Simple contracts, as businesses do not want to be slowed down

Question 3

What are the three terms of speciality contracts?

Answer 3

• agreements which must be created in the form of a deed
• agreements which must be made in writing
• agreements which need only to be evidenced in writing

Question 4

What is a bilateral contract?

Answer 4

The idea where you have a party offering to do something in return for an action from the other side