A contract can be anything from a formal written document to a verbal promise. Below are types of contract;
1. Voidable Contract: This is a contract which is valid unless and until the party entitled to void it actually does so.
2. Valid Contract: This is an agreement in which the parties are legally bound to carry out their obligations
3. Void Contract: This is one which is destitute of legal effect: It is no contract at all.
4. Unenforceable Contract: This is one which although valid, cannot be enforced in the court because the time stipulated for bringing the action has elapsed.
5. Illegal Contract: This is not only a void contract but any other contract related to it will also be void.
6. Executed Contracts: These are contracts that have been completed.
7. Executory Contracts: These are contracts in the process of being executed.
8. Severable Contract: Where a contract can be divided into several parts, payment for parts that have been completed can be claimed.
9. Oral Contracts: These are contracts entered into through the use of verbal communication or spoken words.
10. Written Contracts: These are contracts which are documented.
11. Expressed Contracts: These are contracts in which the parties have expressed their duties or obligations and terms of agreement orally or through written form
12. Implied Contracts: These are contracts which are entered into through the acts and conducts of the parties.
13. Bilateral Contracts: In this type of contact, the promise to do something is given in exchange for another.
14. Unilateral Contract: This is a contract where the offer consists of a promise to pay money in return for the performance of an act.
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