Essay On Types Of Contracts

Types of contracts and examples
Did you know that contracts can be classified by how and when they were formed so each contract has a strict set of ways they can be called? The types of contracts are bilateral contracts, unilateral, formal, informal, express, implied, executed, executory, valid, voidable, unenforceable and void. The first type of contract we will explore is a bilateral contract the definition of this contract is a promise for a promise. This contract will come in to play as soon as a promise is made to do something. If someone says that they will do something and someone else agrees to do something that will be this a bilateral contract. let’s say james Inc. and Braxton’s family made a contract offering Braxton family 12

The definition of this contract is formed by the conduct of the parties. This contract is saying that to form an implied contract there is certain things that must be there. One of them is a plaintive furnish someone’s property, that plaintiff expected to be paid and the defendant knows then that is an implied contract. An example would go something like this, daisy hires a local boy named blue to come and babysit her children. Blue agree to babysit the kids. Blue thought that daisy will come and bring the kids to him, although daisy was for sure that blue would come to her house for the

another example of capacity would be if a legally intoxicated person goes and signs a contract which says that they would give someone there identy for 100 dollars. That’s why I like this because the contract would be void because the drunk person is not mentally stable to understand what they are doing.
Different types of remedies Did you know that there are 4 types of remedies of a breach contract they consist of compensatory, consequential, punitive, and nominal damages? The first thing that I am going to be talking about is compensatory the book defines this as something used to cover direct losses and cost. Basically, saying that you would only get what your loss and you will not be in a can get more of what was lost. This also serves as a protector so many people do not have a lot of charge added on to what they have already an example of this would-be jimmy got fired from his job because his boss changed his mind about him, jimmy sues the boss for compensation but the boss will only have to pay as much as jimmy was off and was looking