Transcript
TYPES OF CONTRACTSBUSINESS LAW LGB 30603
GROUP MEMBERS:NURSYUHADA BT RAZALINOOR IDAYU BT DZULKIFLI
Express Contracts
Executed Contracts
Adhesion Contracts
Void and Voidable Contracts
Unconscionable Contracts
Implied Contracts
Bilateral and Unilateral Contracts
Aleatory contracts
8 TYPES OF CONTRACTS
The parties state the terms, either orally or in writing, at the time of its formation.
There is a definite written or oral offer that is accepted by the offeree
( Terms & conditions agreed either orally / written)
EXPRESS CONTRACTS
EXECUTED CONTRACTSexecute
d contract is one
in which
nothing remains
to be done by either party,
and the transaction is
completed at the
moment that the
agreement is made
@A contract which terms have been completely fulfilled.
Example: as where an article is sold and delivered, and payment is made on the spot.
ADHESION CONTRACTS
Adhesion contracts are those that are drafted by the party who has the greater bargaining advantage,
providing the weaker party with only the opportunity to adhere to (to accept) the contract or to reject it.- Concept take it or leave it-
Most monopolistic market engaged with this, because no need to negotiate all of the terms of every contract with the customers
Example : Astro, Telecom service
VOID AND VOIDABLE CONTRACTS
A VOID CONTRACT is no contract at all. It is not binding and no action can be maintained if it is breached.
If a contract can be rejected by one of the parties on legal grounds, it is called a VOIDABLE CONTRACT. A voidable contract is valid and binding unless the entitled party (the party who has legal grounds to reject the contract) voids it.
THE END
top related