Valid Contracts
Valid Contracts
Victoria Glaser
American Intercontinental University
Abstract
A contact is a legal binding agreement made between two parties. A contract is only enforceable if both parties involved in the contract have agreed to give or receive something of value. When going into an agreement or contract it is important to know the type of contract. This paper will explore the various types of contracts and the meaning of each. Express or implied contracts, unilateral and bilateral contracts and voidable contracts will be reviewed as well as an individual’s right when it comes to fulfilling your end of a contract.
Valid Contracts
The first thing to know is a contract is a legal binding agreement made between two parties. In order for a contract to be valid both parties
that are involved must have agreed to give or receive something of value (Course Materials). An express contract is a contract that is either a written
or verbal and is agreed upon and terms stated by the involved parties. An implied contract is an agreement or contract made by an act or conduct.
For example if you ride the Subway you have to pay, you are not told every time you ride it is just implied and you pay. This is a non-formal
contract that is not formally stated in words. This type of contract is just as binding in a court of law as an express contract.
Bilateral contract both parties involved are making promises (Course Materials). It is an exchange between both parties that they each
perform some type of act. A unilateral contract is when one party is making a promise. This is a promise made by one of the parties and in
exchange an act or performance made by the other party. It is an acceptance of an offer in return making a promise once such act is performed. In a
unilateral exchange the contract or agreement can be revoked up until the time the performance is complete. These are both
Victoria Glaser
American Intercontinental University
Abstract
A contact is a legal binding agreement made between two parties. A contract is only enforceable if both parties involved in the contract have agreed to give or receive something of value. When going into an agreement or contract it is important to know the type of contract. This paper will explore the various types of contracts and the meaning of each. Express or implied contracts, unilateral and bilateral contracts and voidable contracts will be reviewed as well as an individual’s right when it comes to fulfilling your end of a contract.
Valid Contracts
The first thing to know is a contract is a legal binding agreement made between two parties. In order for a contract to be valid both parties
that are involved must have agreed to give or receive something of value (Course Materials). An express contract is a contract that is either a written
or verbal and is agreed upon and terms stated by the involved parties. An implied contract is an agreement or contract made by an act or conduct.
For example if you ride the Subway you have to pay, you are not told every time you ride it is just implied and you pay. This is a non-formal
contract that is not formally stated in words. This type of contract is just as binding in a court of law as an express contract.
Bilateral contract both parties involved are making promises (Course Materials). It is an exchange between both parties that they each
perform some type of act. A unilateral contract is when one party is making a promise. This is a promise made by one of the parties and in
exchange an act or performance made by the other party. It is an acceptance of an offer in return making a promise once such act is performed. In a
unilateral exchange the contract or agreement can be revoked up until the time the performance is complete. These are both
References: Course Materials: BUSN150-1205A-02: Contracts and Privacy Issues. Retrieved November 23, 2012 from https://mycampus.aiu-online.com/courses/BUSN150/u3/hub1/hub.html Editorial Board. (2012). Introduction to Business Law. Words of Wisdom, LLC Laws.com (n.d.) Enforceable Contract at a Glance. Retrieved November 24, 2012 from http://contract-law.laws.com/enforcing-contracts Live Chat. Contracts Unit 3. Retrieved November 22, 2012 from AIU course materials at http://breeze.careeredonline.com/p96458035/?session=breezs48mhh2tmm55uus4 The Law Handbook (n.d.) Your Practical Guide to the Law in Victoria. Retrieved November 23, 2012 from http://www.lawhandbook.org.au/handbook/ch12s01s02.php