A contract is a legally enforceable document which binds two or more involved parties. It is an agreement that defines the certain obligations required to be followed by the parties.
Even though a contract may be an oral agreement but since it lacks material evidence, therefore contracts are generally written. Some oral contract examples are-buying a book or a food item. Examples of written contracts are-buying a land or a piece of land.
Contracts are of the following two types:
- Bilateral contract-It is a typical type of a contract where one party offers and the other party agrees. For example: When a land is on sale, the seller offers and the buyer agrees to buy it for a fixed price.
- Unilateral contract-This is a kind of a contract wherein only one of the two parties makes a promise. For example: Tim promises to pay John a reward of $20 if John finds Tim’s bag. Here Tim will be obliged to pay the reward since he promised.
The following requirements must be fulfilled to make a contract:
- A valid offer and the acceptance of the contract.
- Legally sufficient information
- Lawfulness of purpose
- Consent to contract
- The monetary considerations and details of method of payment.
There are multiple types of contracts under various topics:
- Employment contracts
- Repair and maintenance contracts
- Service contracts
- Generic contracts
- Clinical contracts
- Loan contracts
- Supple chain contracts
These are just a few categories of contracts. This website will provide you detailed contracts on wide array of topics among which you can use the one as per your requirement.