Nỗi buồn .... có ai dịch giúp với !!! C. Informal and formal contracts The law required in specific matters that contracts follow formalities prescribed by statue or the common law. These are defined as formal contracts. All others are classified as either informal or simple contracts. 1. Informal or simple contracts. Any oral contract or written contract that is not under seal or a contract of record is considered an informal or simple contract. Informal contracts generally have no requirements as to language ,form, or construction. They comprise those obligations entered into by parties whose promises are expressed in simple and ordinary non-legal language. 2. Formal Contracts. Under the common law, formal contracts difered from other types in that they had to be (a) written,(b) signed, witnessed. And placed under the seal of the parties, and (c) delivered. The UCC removed the requirement for a seal in the sale of personal property. Many states, by statute, have eliminated the use of the seal entirely. Other states, however, stillrequire the use of the seal in agreements related to the sale and transfer of real property. D. Entire and Divisible Contracts Contracts are either entire or divisible . contracts that contain two or more parts that are dependent on one another for satisfactory performance are entire contracts.Those that contain two or more independent parts, each of which may be performed or breached without affecting the other, are divisible contracts. 1. Entire or indivisible contracts. All the terms and conditions in an entire contract must be performed. Otherwise the agreement breached. Less than total performance gives other party the right to cancellation of on other parts. 2. Divisible contracts. By contracts, failure to perform any one part of a divisible contract would not necessarily invalidate the entire agreement .Those separate parts which are illegal and divisible from the whole may be rendered void or unenforceable, those parts that are valid may still be enforced by the courts. E. Unilateral and Bilateral Contracts 1. Unilateral Contracts. A Unilateral Contract is defined as “ a one-side agreement whereby one makes a promise to do, or refrain from doing, something in return for a performance, not a promise”. In this type of agreement, the offeree makes no promise to perform. However, as soon as the offeree does perform as requested by the offeror, that performance creates a binding agreements between the two. 2. Bilateral Contracts. A Bilateral Contracts, by contract, is one in which there is a promise by one party in return for a promise by the other. Bilateral agreements create binding obligations when the promises are made. Failure to perform by either party results in a breach of contract. VALIDITY AND ENFORCEABILITY OF CONTRACTS In addition to their other characteristics, contracts are also classified as valid, voidable, or void. Determination of validity depends upon lagal rules that prescribe contract construction, operation, termination, and legality. A. Valid contracts Agreements between two or more competent parties to carry out obligations that are legal in nature and enforceable throuh application of contract law are valid contracts. Failure of either party to perform accepted obligations Provides ground for the other party to seek damages for breach of contract. B. Voidable Contracts Voidable Contracts are those which may be avoided (canceled) by one of the parties only. Contracts entered into by minors and contracts that are induced by fraud or misrepresentation are examples os such contracts.
Posted on: Wed, 09 Oct 2013 16:48:59 +0000
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