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The types of contracts

Contracts in New Jersey come in a wide variety of different forms. It is imperative for proper business function to identify the proper type of contract for any situation and deploy it correctly. Any contract must follow the law correctly if it is to be regarded as legally binding on either party.

The three major classifications of contracts are between the formal and the simple, the express and the implied, and unilateral or bilateral. Formal contracts must be prepared in the proper manner described by the law and address all prescribed issues. A formal contract cannot be negotiated until it has fulfilled all the requirements of form, information and presentation. On the other hand, simple contracts have no regulated form and may be negotiated so long as everything important is included somewhere. Any contract may be classified as simple or formal. The simple contract is more commonly encountered than the formal contract.

Implied contracts are different from express contracts in that they are contingent upon the behavior of one party. Only after a specified action has been completed does the contract become established. Unilateral and bilateral contracts differ in exactly who is required to take action. Unilateral contracts require the performance of a specified activity by only one party for the contract to take effect. Bilateral contracts require action from both parties or some sort of exchange.

Contract litigation may benefit from the active participation of an attorney at law with experience in business issues. Any breach of a contract endows the party who did not breach with certain legal privileges known as remedies. An attorney may be able to fully inform their client as to the type and nature of the remedies available to them, as well as providing valuable advice in how to properly exercise them.

Source: Gaebler Ventures, “Contract Basics“, Samuel Muriithi, January 06, 2015

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