5 IMPLIED CONTRACTS These contracts are mad through conduct or past practices

5 implied contracts these contracts are mad through

This preview shows page 1 - 3 out of 4 pages.

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 it basis. In standard form contract no negotiation is made and objective of these contracts is to save 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.
Image of page 1
8. UNI-LATERAL CONTRACT: In Unilateral contract "offeror" makes a promise whereas offeree gives 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 a reason of the contract between two parties therefore in Co-Lateral contract a third party has same right to claim as a normal contracting party has. 10. EXECUTORY AND EXECUTED CONTRACTS: Contracts are formed when promises are made and if the performance id completed then it is known as executed contract and if performance is outstanding then it is known as executor contract. OFFER It 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 OFFER 1. EXPRESS OFFER: It is either oral or in written form.
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 4 pages?

  • Fall '17
  • Offeree

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes