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Types of Contracts

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Executory Contract

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A contract in which some obligations have not yet been performed by one or more parties.

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Express Contract

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A contract explicitly stated and agreed upon by the parties, either orally or in writing, detailing the terms explicitly.

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Implied Contract

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An agreement created by actions of the parties involved, where terms are not expressly stated but can be inferred from the circumstances.

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Executed Contract

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An agreement in which all parties have fulfilled their obligations.

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Voidable Contract

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An agreement that may be annulled by one of the parties due to certain legal deficiencies.

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Bilateral Contract

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A mutual exchange of promises where each party commits to fulfilling certain obligations to the other party.

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Unilateral Contract

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A contract where one party makes a promise in exchange for the other's performance, rather than a promise.

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Unenforceable Contract

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A contract that is valid but cannot be enforced due to certain legal defenses.

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Void Contract

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An agreement without legal effect, because it violates a fundamental principle of contract law or is illegal.

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Incentive Contract

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A contract that provides additional payment or a reward for achieving performance targets or efficiencies.

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Adhesion Contract

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A standardized contract offered on a take-it-or-leave-it basis by a party with stronger bargaining power, often considered unfair to the weaker party.

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Time and Materials Contract

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A contract where payment is based on the time spent and the materials used to perform the work.

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Fixed Price Contract

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A contract with a set price that does not change regardless of the costs incurred by the contractor.

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Requirements Contract

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A contract in which a buyer agrees to purchase all of their required goods from one seller.

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Guaranty Contract

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An agreement where a third party agrees to fulfill the obligations of a debtor to a lender, if the debtor fails to fulfill them.

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Option Contract

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A contract offering one party the opportunity to enter into another contract in the future.

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Indemnity Contract

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A contract in which one party agrees to secure the other against loss or damage.

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Output Contract

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A contract in which a seller agrees to sell all of its production to a single buyer.

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Aleatory Contract

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A contract where performance is contingent upon the occurrence of a certain event, which may or may not happen.

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Cost-Plus Contract

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An agreement where the purchaser agrees to pay the cost of the work plus a fixed fee or percentage as profit.

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