5.IMPLIED CONTRACTS: These contracts are mad through conduct or past practices of parties.6.STANDARD FORM CONTRACT: These are ready made contracts available on take it or leave itbasis. In standard form contract no negotiation is made and objective of these contracts is tosave time. E.g. Bank account opening form.7.BI-LATERAL CONTRACT: In these contract both parties make a promise for performance i.e.Bi-Lateral contract includes two promises. E.g. Sale of Goods. Normally all contracts are bi-lateral contracts.
8.UNI-LATERAL CONTRACT: In Unilateral contract "offeror" makes a promise whereas offereegives performance for acceptance i.e. In Unilateral contracts there is only one promise. E.g.rewards cases.9.CO-LATERAL CONTRACT: In collateral contract a third party who is not contracting party is areason of the contract between two parties therefore in Co-Lateral contract a third party hassame right to claim as a normal contracting party has.10. EXECUTORY AND EXECUTED CONTRACTS: Contracts are formed when promises are madeand if the performance id completed then it is known as executed contract and ifperformance is outstanding then it is known as executor contract.OFFERIt is a statement made with intention to form contractual relationship if accepted i.e. if an offer is accepted a person will be bound by it.OFFERER: One who has made an offer.OFFREE: One who has right to accept it.Offer is certain and clear statement made with an intention to get bound by it. Therefore provisions and request for information are not regarded as an offer.KINDS OF OFFER1.EXPRESS OFFER: It is either oral or in written form.
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