Business Law Types of Contracts

breach of contract

failure to perform contractual obligations

executed contract

fully performed contract

quasi contract or implied in law contract

imposition of rights and obligations by law without a contract

contract

legally enforceable agreement

unenforceable contract

agreement that is not currently binding

bilateral contract

contract consisting of mutual exchange of promises

executory contract

contract not fully carried out

simple contract

contract that is not formal

implied contract or implied in fact contract

contract with major terms implied by the parties' conduct

formal contract

contract with special form or manner of creation

oral contract

contract with terms spoken

express contract

contract with the terms of the agreement specified in words

negotiable instrument

document of payment, such as a check

recognizance

obligation entered into before a court to do an act required by law