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In general, contracts are classified along four different dimensions: explicitness, mutuality, enforceability, and degree of completion. Explicitness is the degree to which the agreement is manifest to those not party to it. Mutuality takes into account whether promises are given by two parties or only one.

A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date.

Onerous or one the cause of which is the undertaking or the promise of the thing or service by the other party. Renumeratory or one the cause of which is the service or benefit which is remunerated. Gratuitous or one the cause of which is the mere liberality of the benefactor.

Contracts may be classified on the basis of their formation as (i) Express Contract (ii) Tacit contract (iii) Quasi or implied contract. Valid Contract. ... Void contract. ... Voidable contract. ... Unenforceable contract. ... Illegal contract. ... Unilateral contract. ... Quasi Contract. ... Difference between illegal contract and void contract.

ing to the mode of formation of contracts, contracts may be classified into three namely, Express Contract, Implied Contract, and. Quasi – Contract.

A valid contract should have all essential elements including offer, its communication, meeting of minds, acceptance, communication of acceptance, consideration, capacity, legality. The two main essential elements of a contract are: An Agreement and. Enforceability of this agreement by law.

The classification of a contractual provision is crucial because it can determine the remedies that will be available in the event of breach. If a provision is a condition, then the innocent party will, in the event of a counterparty's breach, be entitled to both terminate the contract and to claim damages.

Companies, including LLCs, LLPs, corporations, partnerships, and sole proprietorships who are parties to a contract must be identified as follows: The company's full legal name. The registered address of the company office. The registration number of the company. The country in which it is incorporated or formed.