Classify Contract For Free

The following are the classification of contracts according to cause: 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.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

The following are the different classifications of contract: Formal and simple contract. Express and implied contract. Bilateral and unilateral contract.

Cause of action breach of contract occurs when one party to a contract breaches the contract so severely that the non-breaching party is justified in suing the breaching party for money, property, or the enforcement of an action.

Cause or consideration is the essential reason which moves the parties to enter into a contract.For remuneratory contracts, the cause is a service or benefit which does not arise out of any legal obligation. For gratuitous contracts, the cause is the liberality or generosity of a party.

Fixed Price Contracts. This is the best contract type when someone knows exactly what the scope of work is. Also known as a lump sum contract, this contract is the best way to keep costs low when you can predict the scope.

Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?Sep 4, 2020