Types of Contracts

By, Gwen Uselman

Express

A contract in an agreement having a lawful situation with two or more parties, with each party agreeing to create legal obligations.


Implied

An agreement that is found based on circumstances that would be denied by situations that are unfair. Implied contracts are formed off of expressed contracts.


Quasi

An obligation of one party to another imposed by law from one person to form parties.


Valid

One that meets all the requirements of law, and it happens to be enforceable in a court of law.


Voidable

One party to the contract is bound. Unlike a void contract, this type of contract is valid. The unbound party on-the-other-hand may consider the contract void if they repudiate the contract.


Void

This is also known as an agreement, but is not exactly a contract. This type of "contract" cannot be enforced by law. These are different from voidable contracts, because voidable contracts can be nullified and these type of contracts cannot.


Executed

A contract that has been completely carried out or signed by the parties.


Executory

A contract that has not been fully preformed or done yet. Not quite fully executed in other words. Both sides still have important performances remaining.


Unilateral

A one-sided agreement when you promise when you do or don't do something in return for a performance. But it isn't what people would call a promise.


Bilateral

It is a contract involving mutual promises.