Types of contracts

What is a contract?

• A legally binding agreement between two or more parties

• A verbal argument between two parties

• A written agreement between two parties

• A disagreement between two parties

What is the main difference between an oral contract and a written contract?

• An oral contract is spoken, while a written contract is recorded in writing

• An oral contract is legally binding, while a written contract is not

• An oral contract is not legally binding, while a written contract is

• An oral contract is recorded in writing, while a written contract is spoken

What is a bilateral contract?

• A contract in which both parties make promises to each other

• A contract in which only one party makes a promise

• A contract that is not legally binding

• A contract that is not recorded in writing

What is a quasi contract?

• A contract that is not recorded in writing

• A court-created legal agreement between two parties who did not have a previous obligation to each other.

• A contract in which both parties make promises to each other

• A contract that is not legally binding

What is a voidable contract?

• A contract that has been fully performed by both parties

• A contract that is not legally binding and has no effect

• A contract in which the terms are clearly stated

• A contract that is legally binding but can be avoided by one or both parties

What is an executed contract?

• A contract that is legally binding but can be avoided by one or both parties

• A contract in which the terms are clearly stated

• A contract that is not legally binding and has no effect

• A contract that has been fully performed by both parties

What is an express contract?

• A contract that is not recorded in writing

• A contract that is legally binding but can be avoided by one or both parties

• A contract in which the terms are clearly stated

• A contract that has been fully performed by both parties

What is an implied contract?

• A contract that is legally binding but can be avoided by one or both parties

• A contract in which the terms are clearly stated

• A contract that is not legally binding and has no effect

• A contract that arises from the actions of the parties involved

What is a unilateral contract?

• A contract in which both parties make promises to each other

• A contract in which only one party makes a promise

• A contract that is not legally binding

• A contract that is not recorded in writing