Understanding Contracts Types
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Understanding contract types and how they are formed. Identifying and addressing issues particular to your practice.
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Understanding Contracts Types
- 1. JIMMY A. CASTEX, JR.| PETER E. CASTAING UNDERSTANDING CONTRACT TYPES AND HOW THEY ARE FORMED CONTRACT OBJECTIVES:
- 2. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com CONTRACT? WHAT IS A The Restatement (Second) of Contracts defines a contract as: a promise or set of promised for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty.
- 3. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com CONTRACTS TYPES OF Unilateral Bilateral Commutative Aleatory Gratuitous
- 4. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com CONTRACTS DEFINING COMMON UNILATERAL A unilateral contract is one in which the party accepting the obligation of the other does not assume a reciprocal obligation. BILATERAL A bilateral contract is one in which the parties obligate themselves reciprocally so that the obligation of each are correlative to the obligation of the other. GRATUITOUS In a gratuitous contract, one party obligates himself towards another for the benefit of the other, without obtaining any advantage in return.
- 5. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com FORMED? HOW ARE CONTRACTS Contracts are general formed by the consent of the parties established through offer and acceptance. Once there is an offer and acceptance, the agreement is enforceable.
- 6. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com UNLESS AN OFFER AND ACCEPTANCE MAY BE VERBAL THE LAW PRESCRIBES THE REQUIREMENT OF WRITING, OR UNLESS THE PARTIES HAVE CONTEMPLATED A CERTAIN FORM. ACCEPTANCE CAN ALSO BE PROVEN BY PERFORMANCE.
- 7. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com PURPOSE LAWFUL Parties are generally free to contact for any object that is lawful, possible, and determined or determinable. Whether the object of a contract is possible or impossible depends on the nature of the object, not the parties' ability to perform.
- 8. Deutsch Kerrigan, L.L.P. | deutschkerrigan.com OFFER THE EFFECT OF ACCEPTING AN Once there is an offer and acceptance, the contract has the effect of law between the parties and may only be dissolved through consent or grounds provided by the law.