TYPES OF CONTRACTSBUSINESS LAW LGB 30603

GROUP MEMBERS:NURSYUHADA BT RAZALINOOR IDAYU BT DZULKIFLI

Express Contracts

Executed Contracts

Adhesion Contracts

Void and Voidable Contracts

Unconscionable Contracts

Implied Contracts

Bilateral and Unilateral Contracts

Aleatory contracts

8 TYPES OF CONTRACTS

The parties state the terms, either orally or in writing, at the time of its formation.

There is a definite written or oral offer that is accepted by the offeree

( Terms & conditions agreed either orally / written)

EXPRESS CONTRACTS

EXECUTED CONTRACTSexecute

d contract is one

in which

nothing remains

to be done by either party,

and the transaction is

completed at the

moment that the

agreement is made

@A contract which terms have been completely fulfilled.

Example: as where an article is sold and delivered, and payment is made on the spot.

ADHESION CONTRACTS

Adhesion contracts are those that are drafted by the party who has the greater bargaining advantage,

providing the weaker party with only the opportunity to adhere to (to accept) the contract or to reject it.- Concept take it or leave it-

Most monopolistic market engaged with this, because no need to negotiate all of the terms of every contract with the customers

Example : Astro, Telecom service

VOID AND VOIDABLE CONTRACTS

A VOID CONTRACT is no contract at all. It is not binding and no action can be maintained if it is breached.

If a contract can be rejected by one of the parties on legal grounds, it is called a VOIDABLE CONTRACT. A voidable contract is valid and binding unless the entitled party (the party who has legal grounds to reject the contract) voids it.

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