Business Contract terms

Express contract

An agreement that is expressed in written or oral words.

Contract defined

An agreement between two or more competent parties in which an offer is made and accepted, and each party benefits. The agreement can be formal, informal, written, oral or just plain understood. Some contracts are required to be in writing in order to be enforced. They have to be legal to be inforced by the courts, in case of a contract dispute.

Four types of consideration;

Money or property, A promis,The performance for a act, forbrance

Other types of contracts are:

valid, void, voidable, unforceable contracts.

Executed contract

A contract that has been fully performed on both sides; a completed contract.

Executor contract

A contract that has not been fully performed by either or both sides.

1.Valid contract

A contract that meets all the essential elements to establish a contract and is enforceable by at least one of the parties. Valid contract A contract that meets all the essential elements to establish a contract and is enforceable by at least one of the parties

Unenforceable

A contract that has all the elements of a valid contract, yet neither party can sue the other to force performance of it. For example, an unsigned contract is generally unenforceable.

2. Void contract

2. Void contract A contract that has no legal effect; a nullity. A void contract cannot be enforced by law.

what is a contract

a legal agreement between two or more parties to conduct business.

Six important elements define a valid contract, what are they?

1. Agreement, includes a offer an acceptance. 2. Consideration must be mutual. Both parties must give something of value for the contracts to exist.. 3. Both parties must have contractual capacity. 4. Genuine assent, the contract must be based on genuine assent of the parties. 5. Legality, It must be lawful. 6. Form, Must meet certain requirements, in certain instances.

3. Voidable contract- Coercion, undue influence, misrepresentation and fraud. -

3. Voidable contract- Coercion, undue influence, misrepresentation and fraud. -

Implied contract

Refers to a contract based on the actions and/or conduct of the parties.

Consideration,

Something of legal value given in exchange for a promise. Four types of consideration; Money or property, A promis,The performance for a act, forbrance