Classification of Contract deals with the various of classes of Contract that are legally enforceable.
Truly, Educareguide wants to explore this sub-topic under the law of Contract.
Indeed, we have detailed notes on the classification of Contract as to its relation to business.
Though the content may sound technical, you should not be scared of these contractual terms.
Indeed, the Classes of Contract are:
Honestly, we have looked at the meaning of Contract in our previous article.
For this reason, you can refer to that for revision.
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Nature And Classification of Contract
We are considering three main types of contracts in this article.
Thus read the notes below to find out the nature of this Contract, and how they differ from each other.
Simple Contract: – It is a contract not made in any official state though legally binding on the parties. This kind of Contract may not be signed and sealed under formal circumstances.
However, the parties to the Contract make promises to each other that are legally binding.
Specialty Contract: – These are Contracts made in official states, meaning they are written, signed, sealed, and delivered.
For example, a land agreement must be made in a state known as indenture to be considered official.
If it is made in any other form, the parties risk losing under the Contract.
Contract of Records: – Contract of records comes about when a court’s judgment imposes a contractual responsibility on a person to perform an act.
For example, if Yaw does not take care of his son, a court imposes liability of $1,000 per month on him to take care of his son.
The payment of the $1,000 becomes a contract of record, and indeed Contract of Records falls under the classification contract according to performance.
We should be mindful that various examining bodies may ask, “What are the classification of contracts?”.
Please do remember that the notes above address that question comprehensively. The various examining bodies that may ask such a question include the following:
Examining Bodies to ask the question, “What are the classification of contracts?”
- Waec Wassce Business Management
- Waec Wassce – Social Studies
- Cambridge International College (CIC) – Business Administration
- Institute of Commercial Management (ICM) – Business Administration
- And many others.
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