NHÓM: Lê Trần Uyên Thảo

Lê Thị Khánh Đan

Lưu Hoàng Văn
Lê Minh Thư

I. Definition of contract:
A contract, in its simplest definition, is a legally enforceable promise. A promise can be to do something
or refuse to do something. The making of a contract requires the consent of two or more people, one of
whom usually makes an offer and the other accepts it. In addition, contracts are often associated with
projects, in which one party negotiates with other parties to implement a project or part of a project.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent,
expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

II. Three types of contracts:

1. Oral Contract
Oral contracts are verbal agreements between two parties. An oral contract occurs when spoken words
are rendered valid and legally enforceable in a court of law.
However, an oral contract is difficult to be legally enforceable unless it is provable in court, and it must
meet various requirements of contract formation. Further, it must not be in violation of statutes
prohibiting oral contracts.
 For example, state statutes may require sales involving real property, and the agreements may have
to be in writing, or the performance must take over a year.

Advantages Disadvantages
 Easy to use  Oral contracts do not have any
evidences to support its agreements
More difficult to prove the existence of
 Create comfort and flexibility.
the contract
It is easier for one or both sides to forget
certain parts of it, or disagree on what
certain details were.
2. Written Contract
A written contract is a written document that outlines an agreement between two parties. Individuals,
businesses, or organizations may be involved. To be regarded valid, the agreement must include all
components or components of the agreement, and each person involved must agree to each other
conditions and sign the document.

Advantages Disadvantages

Provides proof of what you and the other Inconvenient

party agreed on.

By making the agreement clear from the start,

it helps to avoid future misunderstandings or Time-consuming
problems.

Gives you security and peace of mind because

the conditions of the agreement are written
down and cannot be changed.

Reduce the likelihood of a disagreement

about payments, duties, and timelines for the
service to be done under the contract.

Describes how any party might terminate the

contract before the work is finished.

3. E- contract
An E-Contract, or electronic contract, is a legal document made and signed online which is basically a
digital adaptation of a traditional paper contract. Likewise with paper contracts, E-Contracts are
agreements endorsed by two parties. They are enforceable and legally restricting archives that are
ordinarily utilized in regards to online merchandise, employment, deals, service, or tenancy... With a run
of the mill paper contract, one parties drafts an "offer" and the other party peruses it.
In the event that the two parties agree to the terms and conditions recorded in this initial offer, they will
each sign the archive and it turns into a legitimate agreement. Each parties must hold up to their finish
of the understanding although a paper copy is not presented, a digital signature actually enters both
parties into a legal agreement.
 Advantages Disadvantages
Easier to get the information right:
E-contracts minimize the risk of people
Risk of publicing the individual information
making mistakes or leaving sections blank.
and people quite to reliant on service:
Because they can make the important
Some location may not be able to access the
sections of the contract mandatory to
E-contract.
complete, the signee won’t be able to send
it back to them until they’ve done it right.
Speed and ease of transfer: Risk of a system crash:
Within minutes, the recipient can have the Belongs to the online storage system or the
contract and return it to another party as internal computer system crashes, might lose
simply as they got it. data, including contracts.
Unreliable:
Easier to storage:
Some people is not be able to believe in the
A huge plus of using digital contracts can
contract that not face to face, or another think
storage in space and cost on the computer
the e-contract is so complex with a lot of step
or internet.
must be done and might not like them

Easier to access and online merchandise:

Can deal the contract at everywhere

Describes how any party might terminate

the contract before the work is finished.