Different Types Of Contracts And Contracts - 937 Words

There are many different types of contracts and many different parts to a contract. Contracts are formal agreements between people or businesses. There are seven elements to a contract. The first is the offer which is the purposed deal. Next is the acceptance of the offer than consideration or bargaining of the offer. Legality is the next which means is the contract for a lawful purpose. Next is capacity are the parties adults of sound mind then consent of the contract. Lastly, writing some types of contracts must be in writing to be enforceable. There are two contract rules for governing the sales of goods and the sale of services. The Uniform Commercial Code (UCC) is the code used for the sales of goods. The sales of services uses common law to govern these contracts. UCC was first published in 1952, the drafters of this code wanted to facilitate the easy information and enforcement of contracts in a fast- paced world. There are nine articles to the uniform commercial co des. Article one deals with the law of contracts and article nine deals with payment in security interest agreements. The most important article is article two which deals with the sale of goods. Goods are anything movable, except for money, securities and certain legal rights. Article two also states the rules for contract formation such as the firm offers, shipments of goods and modification of terms. Article two states the rule for contract repudiation and breach listing severalShow MoreRelatedEvaluating Different Types of Contracts1326 Words   |  5 PagesEvaluating Contracts There are different types of contracts which are used by the Federal Government. The choice for a particular type of contract is guided by a number of factors which have to be put into a consideration before a decision is reached on the best or the most appropriate method of contracting to apply. Depending on the nature of the activity a contractor is being contracted for, the choice of a contracting method has a financial impact for the government and has to be budgeted forRead MoreDifferent Types Of Government Contracts2207 Words   |  9 PagesIntroduction There are several types of government contracts, and the differences between them are not trivial. Each requires a unique approach to bidding and a unique approach to performing the work. Understanding the distinct challenges and opportunities of each contract is vital if your business is to succeed as a government contractor (Deltek, 2012). The first step in exploring and understanding the different types of federal contract is to understand what a contract is. 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Two basic types of competitively bid construction contracts are lump-sum and the unit-price contract. The lump-sum contract is when the contractor agrees to complete all work for a pre-determined price including profit and the contract. The unit-price contract is when the