Types of contract - law of contract, Business Law and Ethics

Types of Contract - Law of Contract

However common law of US relating to the contract classifies contracts with the following categories as;

  1. Specialty Contracts - such as are executed in a special way that is as i.e. written and signed or sealed. Thus the US Law of the Contract Act, with S. 2(1) provides such no contract in writing should be void or enforceable through reason only that is not under seal. Conversely this provision constitutes a significant statutory exit or departure from the English law relating to specialty the contracts.
  2. Contracts of record e.g. as like court orders.
  3. Simple contracts - these are like i.e. agreements which are enforceable through the courts.
Posted Date: 1/22/2013 1:20:34 AM | Location : United States







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