Contract Types

Contract types refer to different agreements used in business and legal settings, specifying the terms between parties. Key types include: 1. **Bilateral Contracts**: Both parties make promises (e.g., a sale agreement). 2. **Unilateral Contracts**: One party promises something in exchange for an action (e.g., a reward for a lost item). 3. **Express Contracts**: Terms are explicitly stated, either verbally or in writing. 4. **Implied Contracts**: Terms are inferred from actions or circumstances, despite no formal agreement. 5. **Executed Contracts**: Fully performed by both parties, while **Executory Contracts** are still in progress.