The document defines and provides examples of different types of contracts:
- Valid contracts are enforceable by law as they contain all the essential elements. Voidable contracts involve consent that is not freely given by one party.
- Executed contracts involve both parties completely fulfilling their obligations, while executory contracts involve obligations yet to be performed.
- Express contracts involve offers or acceptances in words, written or spoken. Implied contracts arise from the actions and conduct of parties, not words.
- Unilateral contracts require one party to fulfill obligations at formation, while the other party has already done so. Bilateral contracts involve obligations yet to be performed by both parties.
The contract between Hamid and Al
The document defines and provides examples of different types of contracts:
- Valid contracts are enforceable by law as they contain all the essential elements. Voidable contracts involve consent that is not freely given by one party.
- Executed contracts involve both parties completely fulfilling their obligations, while executory contracts involve obligations yet to be performed.
- Express contracts involve offers or acceptances in words, written or spoken. Implied contracts arise from the actions and conduct of parties, not words.
- Unilateral contracts require one party to fulfill obligations at formation, while the other party has already done so. Bilateral contracts involve obligations yet to be performed by both parties.
The contract between Hamid and Al
The document defines and provides examples of different types of contracts:
- Valid contracts are enforceable by law as they contain all the essential elements. Voidable contracts involve consent that is not freely given by one party.
- Executed contracts involve both parties completely fulfilling their obligations, while executory contracts involve obligations yet to be performed.
- Express contracts involve offers or acceptances in words, written or spoken. Implied contracts arise from the actions and conduct of parties, not words.
- Unilateral contracts require one party to fulfill obligations at formation, while the other party has already done so. Bilateral contracts involve obligations yet to be performed by both parties.
The contract between Hamid and Al
VALID CONTRACT: A valid contract, is an agreement enforceable by law because it has all the essentials of a valid contract. VOIDABLE CONTRACT voidable contract takes place when the consent of one of the parties is not free. 2. On the basis of execution: EXECUTED CONTRACT A contract is said to be executed when both the parties have completely performed their obligations. EXECUTORY CONTRACT a contract is said to be executory when both the parties to a contract have yet to perform their obligations. 3. On the basis of formation: EXPRESS CONTRACT Where the offer or acceptance is made in words spoken or written, it is an express contract. IMPLIED CONTRACT Implied contract is one, which is not made by words, written or spoken, but by the acts and conduct of the parties. 4. On the basis of parties: UNILATERAL CONTRACT Unilateral contract is one in which only one party has to fulfill his obligations at the time of formation of the contract, the other party has already fulfilled his obligations. BILATERAL CONTRACT it is a contact in which both the parties have yet to perform their obligations. Now according to these categories; the contract between Hamid and Alamgir contractors is: “Valid” on the basis of validity because it is enforceable by law as it has all the essentials. “Executed” on the basis of execution because duties has done by both the parties. “Express” on the basis of formation because offer is in a written form. “Bilateral” on the basis of parties because both parties have performed their obligations.