Types of Contracts in Business Law Pdf

As a professional, I understand the importance of creating articles that meet the needs of both readers and search engines. In this article, we will discuss the different types of contracts in business law, which can be found in a pdf format. This information will be useful for individuals who are starting a business or looking to understand the basics of business law.

1. Express Contracts

An express contract is formed when two or more parties agree to the terms and conditions of a contract. This can be done verbally or in writing. The terms of the contract must be clear and unambiguous. In other words, both parties must agree to the same terms and understand what is required of them.

2. Implied Contracts

An implied contract is a contract that is formed by the actions of the parties involved. Although there is no written or verbal agreement, the conduct of the parties implies that they have agreed to certain terms and conditions.

3. Unilateral Contracts

A unilateral contract is a contract in which one party makes a promise in exchange for an act from the other party. For example, a company may offer a reward for anyone who finds and returns a lost item. The reward is only given if the act of finding and returning the item is completed.

4. Bilateral Contracts

A bilateral contract is a contract in which both parties make promises to each other. For example, when a company hires an employee, both parties agree to certain terms and conditions. The employer agrees to pay the employee a certain wage, and the employee agrees to complete certain tasks.

5. Executed Contracts

An executed contract is a contract in which both parties have fulfilled their obligations under the contract. For example, when a customer purchases a product, the customer pays for the product, and the seller delivers the product. Once both parties have fulfilled their obligations, the contract is considered executed.

6. Executory Contracts

An executory contract is a contract in which one or both parties have not yet fulfilled their obligations. For example, when a company hires an employee, the employee may not have completed all of their tasks yet. This is an executory contract until both parties have fulfilled their obligations.

In conclusion, understanding the different types of contracts in business law is crucial for anyone starting or operating a business. By having a basic understanding of these contracts, individuals can ensure that they are entering into agreements that are legal and enforceable. A pdf format of these types of contracts can be found online and can serve as a valuable resource for individuals looking to learn more about business law.


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