Types of Contracts

executory contract

A contract in progress; one or more terms of the contract remains undone

unilateral contract

A contract in which consideration (such as a promise) is only given by one party to the other

invalid contract

A contract in which one or more of the essential elements is missing

executed contract

A contract in which the parties have met all terms of the contract

implied contract

A contract that exists based not on words, but on the actions or behaviors of the parties

voidable contract

A contract that is missing an essential element and thus may be cancelled by one or more parties

unenforceable contract

A contract that will not hold up in court

enforceable contract

A contract that will stand up in court

valid contract

A contract which contains all the essential elements

void contract

A contract with no legal force or effect

bilateral contract

A mutual contract that involves an exchange of promises or other consideration between two parties

express contract

A verbal (oral or written) agreement between two parties to specific terms