Classification of Contracts
For purposes of analysis, legal scholars have classified contracts in many different ways. The most common classifications of contracts include: "express"and "implied" contracts; "void" and "voidable" contracts; and "enforceable"and "unenforceable" contracts.
For purposes of analysis, legal scholars have classified contracts in many different ways. The most common classifications of contracts include: "express"and "implied" contracts; "void" and "voidable" contracts; and "enforceable"and "unenforceable" contracts.
Express and Implied Contracts
Express contracts, which may be written or oral, are contracts in which the terms of the agreement made are explicitly stated: when a valid offer is accepted, an express contract has been created. Implied contracts, usually referred to as "implied in fact," are contracts that are formed by the behavior of the parties in the absence of directly negotiating the specifics of the transaction. Making an appointment with a repairman to have a broken washing machine fixed is an implied contract--the repairman may reasonably expect to be paid for making the repairs. The term "implied in fact" is used to distinguish this type of implicit arrangement from an "implied in law" contract, or "quasi-contract." A quasi-contract is not an actual contract; it is a non-binding legal mechanism used in special circumstances to prevent one party from beingseverely harmed or unjustly enriched by an implicit arrangement.
Express contracts, which may be written or oral, are contracts in which the terms of the agreement made are explicitly stated: when a valid offer is accepted, an express contract has been created. Implied contracts, usually referred to as "implied in fact," are contracts that are formed by the behavior of the parties in the absence of directly negotiating the specifics of the transaction. Making an appointment with a repairman to have a broken washing machine fixed is an implied contract--the repairman may reasonably expect to be paid for making the repairs. The term "implied in fact" is used to distinguish this type of implicit arrangement from an "implied in law" contract, or "quasi-contract." A quasi-contract is not an actual contract; it is a non-binding legal mechanism used in special circumstances to prevent one party from beingseverely harmed or unjustly enriched by an implicit arrangement.
Void and Voidable Contracts
The term "void contract" is an oxymoron--a contract held to be void does notexist under law. In other words, although two parties may have come to an agreement, it is not recognized as a legal contract. Perhaps the simplest example of a void contract is a contract formed in which one party agrees to perform an illegal act. A contract that is illegal in part may be void in that respect, however, it is still a valid contract if the deletion of the illegal portion of the contract does not defeat the purpose of the broader agreement. Agreements in which an essential feature of a valid contract is lacking, are void contracts as well. Voidable contracts are contracts that may be canceled by one of the two parties involved. A contract may be voidable for various reasons, but in most cases a voidable contract provides for one of the parties to withdraw from the agreement without penalty.
The term "void contract" is an oxymoron--a contract held to be void does notexist under law. In other words, although two parties may have come to an agreement, it is not recognized as a legal contract. Perhaps the simplest example of a void contract is a contract formed in which one party agrees to perform an illegal act. A contract that is illegal in part may be void in that respect, however, it is still a valid contract if the deletion of the illegal portion of the contract does not defeat the purpose of the broader agreement. Agreements in which an essential feature of a valid contract is lacking, are void contracts as well. Voidable contracts are contracts that may be canceled by one of the two parties involved. A contract may be voidable for various reasons, but in most cases a voidable contract provides for one of the parties to withdraw from the agreement without penalty.
Enforceable and Unenforceable Contracts
A contract may be enforceable or unenforceable. An enforceable contract is one for which a legal remedy is offered in the event that the contract is not fulfilled. A contract may be unenforceable when certain statutory requirementshave not been met. For example, an oral contract to buy land would not be enforceable because the Statute of Frauds requires such an agreement to be in writing. Similarly, statutes of limitations, which limit the length of time available for legal action, may apply to contracts of certain types and renderthem unenforceable after a certain period of time.
A contract may be enforceable or unenforceable. An enforceable contract is one for which a legal remedy is offered in the event that the contract is not fulfilled. A contract may be unenforceable when certain statutory requirementshave not been met. For example, an oral contract to buy land would not be enforceable because the Statute of Frauds requires such an agreement to be in writing. Similarly, statutes of limitations, which limit the length of time available for legal action, may apply to contracts of certain types and renderthem unenforceable after a certain period of time.
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