Homework Question on Types Of Contracts
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There are four video clips to watch. The topics include: Contract terms, unilateral & bilateral contracts, termination of offers, the Mailbox Rule. Each analysis should highlight :
- What was learned from the video clips and
- How it affected their understanding of each of the subjects and how they function in the process of forming and enforcing a contract.
Homework Answer on Types Of Contracts
Contract is conformity among two parties to offer a product or service which can either be written or expressed orally by a word of mouth. For a contract to be valid, there are important component that should be included in a contract to make it a legal and obligatory document. They include:-
- An offer from the offerer that specifies the exact details of product or service to be provided
- Acceptance from the offeree which is the agreement of the offer presented
- Consideration, this is an exchange of money or other valuable thing between the parties
- Competence of the parties in conditions of age and mentally sound
- The intention of both parties to be participants in the contact
- It is has terms and conditions which act as a legal binding.
There are two types of contracts, namely:-
- Expressed contract
- Implied contracts
Express contracts are the mainly recognized contract type in which all elements, that is the terms and conditions are particularly declared. They can be either written or orally but offer, acceptance and consideration are ought to obligate the concerned parties lawfully. The parties are also supposed to know the terms and conditions of the contract.