Contracts are legally binding agreements between two or more parties, outlining their rights and obligations. Depending on their purpose and structure, contracts can be categorized into various types. Below are the main types of contracts:
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Types of Contracts PPT Presentation Free Download
1. Express Contracts
Express contracts are agreements where the terms are clearly stated, either verbally or in writing. Both parties explicitly agree on the terms, leaving no ambiguity about their roles and responsibilities.
2. Implied Contracts
Implied contracts are not written or spoken but arise from the actions, conduct, or circumstances of the parties. For example, visiting a restaurant implies a contract to pay for the meal.
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3. Bilateral Contracts
Bilateral contracts involve mutual promises between two parties. Each party agrees to perform an act in exchange for the other party’s performance. Most business agreements fall under this category.
4. Unilateral Contracts
Unilateral contracts involve a promise by one party in exchange for the performance of an act by the other. For instance, offering a reward for finding a lost item is a unilateral contract.
5. Void Contracts
Void contracts are agreements that lack legal enforceability. They may be void due to illegality, lack of consent, or failure to meet essential legal requirements.
6. Voidable Contracts
Voidable contracts are valid agreements but can be canceled by one party if certain conditions are met, such as fraud or coercion.
7. Executed and Executory Contracts
Executed contracts are fully performed by all parties, while executory contracts are still in progress, with obligations yet to be fulfilled.
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8. Contingent Contracts
Contingent contracts depend on the occurrence or non-occurrence of a specific event. They are often used in insurance and investment agreements.
Understanding these contract types is crucial for ensuring legal compliance and protecting the interests of all parties involved.
Table of Contract for Types of Contacts PPT
- What is Contract?
- Types of Contracts
- Formation / Creation
- Validity
- Execution / Performance
- Liability
- Conclusion
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