Classification of Contracts

Classification of Contracts - Classification by stage of...

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CLASSIFICATION OF CONTRACTS By Method of Formation Express Implied (in fact) written oral conduct
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Classification of contracts (cont,) Bilateral Two promises Each exchanged for the other Formed when promises exchanged v. Unilateral One promise Exchanged for act or forbearance Formed when performance completed Formal Law requires particular set of formalities e.g., check, seal v. Informal All other contracts
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Unformatted text preview: Classification by stage of performance Executory v. Executed By enforceability Valid Void - no contract Illegality Adjudicated incompetent Voidable One party may disaffirm (avoid) the contract Minors, fraud Unenforceable Contract may be valid but cannot be enforced e.g. Statute of Frauds, statute of limitations...
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This note was uploaded on 12/13/2010 for the course LAW 1101 taught by Professor Reed during the Spring '08 term at CUNY Baruch.

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Classification of Contracts - Classification by stage of...

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