Classification of Contracts
Nature and Classes of Contracts
Deepinder Grewal
July 17th, 2015
MAN 224 CollegeAmerica Fort Collins
Dr. George Ackerman
Nature and Classes of Contracts
The provision that the law allows if a party to the contract fails or refuses to perform it is the breach of contract. A breach of contract is defined as failing of one or more parties to implement the obligations assumed under the contract (Ashcoft & Ashcoft, 2010). It can allow the other party to take an action against them such as obtain for damages or enforcing performances. It can be any type of contract written or verbal. This is the most common type for the causes of law suits. A contract differs from an agreement because a contract must be an agreement, but an agreement does not have to be a contract (Ashcoft & Ashcoft, 2010). A contract is an agreement with a specific term with two or more persons in which there is a promise to do something in return for a benefit known as consideration. An agreement is when two people come to an arrangement about a particular issue, which include obligations, rights, and duties (Agreement Law Definition, 2006). There is not a big difference between a contact and an agreement. A contract is more formal and more securely presented than the terms that are in an agreement. A contract is an unenforceable agreement when the law requires it to be in a particular form and it is not. It can also be made enforceable by changing the form to meet the requirements of the law. An agreement that is not enforceable in a court of law will not come within the definition of a contract (Ashcoft & Ashcoft, 2010). An enforceable agreement would be a voidable contract, because of the circumstances or the capacity of a party, one or both of the parties may set it aside (Ashcoft & Ashcoft, 2010). An express contract is an exchange of promises that both parties agree to be bound are declared either orally or in writing, or a combination of both (Express
Deepinder Grewal
July 17th, 2015
MAN 224 CollegeAmerica Fort Collins
Dr. George Ackerman
Nature and Classes of Contracts
The provision that the law allows if a party to the contract fails or refuses to perform it is the breach of contract. A breach of contract is defined as failing of one or more parties to implement the obligations assumed under the contract (Ashcoft & Ashcoft, 2010). It can allow the other party to take an action against them such as obtain for damages or enforcing performances. It can be any type of contract written or verbal. This is the most common type for the causes of law suits. A contract differs from an agreement because a contract must be an agreement, but an agreement does not have to be a contract (Ashcoft & Ashcoft, 2010). A contract is an agreement with a specific term with two or more persons in which there is a promise to do something in return for a benefit known as consideration. An agreement is when two people come to an arrangement about a particular issue, which include obligations, rights, and duties (Agreement Law Definition, 2006). There is not a big difference between a contact and an agreement. A contract is more formal and more securely presented than the terms that are in an agreement. A contract is an unenforceable agreement when the law requires it to be in a particular form and it is not. It can also be made enforceable by changing the form to meet the requirements of the law. An agreement that is not enforceable in a court of law will not come within the definition of a contract (Ashcoft & Ashcoft, 2010). An enforceable agreement would be a voidable contract, because of the circumstances or the capacity of a party, one or both of the parties may set it aside (Ashcoft & Ashcoft, 2010). An express contract is an exchange of promises that both parties agree to be bound are declared either orally or in writing, or a combination of both (Express
References: Agreement Law Definition. (2006, October 24th). Retrieved from Legal Catch: https://legalcatch.wordpress.com/2006/10/24/agreement-law-definition-contract-law/ Ashcoft, J. D., & Ashcoft, J. E. (2010). Law for Business 17th Edition. Mason, OH: South-Western Cengage Learning Center. Executed Contract. (n.d.). Retrieved from Legal-Dictionary: http://financial-dictionary.thefreedictionary.com/executed+contract Executory. (n.d.). Retrieved from Legal-Dictionary: http://legal-dictionary.thefreedictionary.com/executory Express Contract. (n.d.). Retrieved from Cornell University Law School: https://www.law.cornell.edu/wex/express_contract