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Reflect upon at least one personal experience

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Reference no: EM131814889

Classifications of Contracts

Formation

1. Bilateral contact - A promise for a promise.

2. Unilateral contract - A promise for an act.

3. Express contract - A contract expressed in oral or written words.

4. Implied-in-fact contract - A contract inferred from the conduct of the parties.

5. Implied-in-fact contract (quasi contract) - A contract implied by law to prevent unjust enrichment.

6. Formal contract - A contract that requires a special from or method of creation

7. Informal contract - A contract that requires no special form or method of creation.

Enforceability

1. Valid contract - A contract that meets all the essential elements of establishing a contract.

2. Void contract - No contract exist.

3. Voidable contract - A contract in which at least one party has the option of voiding the contract.

Assignment:

4. Unenforceable contract - A contract that cannot be enforced because of a legal defense.

Performance

1. Executed contract - A contract that is fully performed on both sides.

2. Executory contract - A contract that is not fully performed by one or both parties

What I have prepared so far.

Consider what would happen if contracts and agreements were not enforceable by law (meaning, what would happen if it was up to each person's good faith to fulfill agreed upon obligations?)

Reflect upon at least one personal experience where you either negotiated or entered into a contract.

Attachment:- Reflective paper.rar

Reference no: EM131814889

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