Understanding Contracts and Their Types

Description

This Skill Bit talks about how contracts, whether oral or written, create legally binding agreements that define the rights and obligations of parties. They govern various aspects of life, from business deals to everyday interactions. Contracts can be express or implied, with the former having explicit terms and the latter inferred from actions. Unilateral contracts involve one party’s promise activated by the other’s performance, while bilateral contracts include mutual promises. Key takeaway: Contracts vary in form, shaping different types of obligations.

Duration approx. 3 Min.

Tier: basics