For contracts to be legally binding and enforceable, they must be stamped with a seal to represent the parties and gain their assent for any and all consequences arising from the fulfillment of the contract for any disputes that might arise during the fulfillment of the contract. Courts also do not recognize informal contracts such as implied contracts. Different forms and their impacts include Express Contract a contract where the parties declare the conditions or the contract either verbally in a written form. To earn the best grades in your Dissertation, Thesis, and college assignments you should choose an academic writing service that will meet your best writing needs. This stipulates terms that are accepted by the party to whom the terms are being offered in a way that clearly establishes approval of the terms of the contract. Implied Contracts: Implied contracts are those contracts that show intent to do business but have not been put into words. An implied contract is dependent on some essence for it to be recognized which means that some action must be taken by the concerned parties for them to be considered a legal participant in the contract. A true contract is not one that is only implied by law but one that fulfills all the requirements of a formal contract.
The contracts that have the most impact are ‘Bilateral’ contracts which are two-sided contracts envisaging a buyer and a seller. The buyer makes a commitment to buy and the seller makes a commitment to provide a product at agreed-upon terms. A ‘unilateral’ contract is an offer made by a person who commits to a certain transaction that can be legally enforceable. This, in essence, is unilateral because the person who makes the offer will be legally bound to honor his/her commitment to acting or not to act. However, if there is some discrepancy or dispute between the people who made the offer the other party cannot initiate legal proceedings against the person who made the offer.
Unconscionable Contracts a contract that favors the party with better bargaining power. The term Unconscionable is used because this is not a fair contract because it favors one party at the expense of the other person who is an integral part of the transaction. Courts have found that such types of contracts exploit customers who are poor, lack education, and cannot bargain effectively, or lacks the ability to shop around for a better deal. Most incidents of unconscionable contracts happen with consumer business deals because they eventually favor the seller. Unconscionable Contracts are examined by closely exploring the conditions under which sales are made