Q.  Please distinguish from among the different types of contracts that one may enter into.

A.  Generally, the term contract can be defined as a promise or promises for which the law gives a remedy or the performance of which the law gives a duty that is based on sufficient consideration.

EXPRESS OR IMPLIED

            Contracts may be express or implied.  Contracts are usually express when the terms are stated or written by the parties and implied when the terms are not so stated.  Express contracts and implied contracts are based upon mutual consent.

            There is a greater burden upon plaintiffs who rely upon implied contracts to prove their case, since one who was interested in protecting himself had the opportunity to protect himself to a greater degree.

VOIDABLE CONTRACTS

            A voidable contract is valid and binding upon the parties until it is avoided by the party entitled to avoid it.  This type of contract can be affirmed or rejected at the election of one of the parties.  It is binding if the parties affirm it, but of no effect if rejected by one party.

Other examples of voidable contracts are those induced by fraud and misrepresentation or duress, and contracts made by infants or incompetent persons.

FORMATION OF CONTRACTS

            For a valid contract there must be at least two parties, a capacity to contract, mutual assent of the same thing at the same time, meeting of the minds, offer, acceptance, definiteness and certainty, definition of duration of time and consideration.

QUASI CONTRACTS

            Quasi contracts are generally those “implied in law or constructive contracts.”  Whereas express or implied contracts rely upon the mutual assent of the parties, quasi contracts rely upon the legal remedies available when parties are unjustly enriched or parties have arrived at some benefit for which they should be legally charged.  For example, the law implies a promise to pay when money is advanced by one for another’s use and benefit at the latter’s request.  Another example is when a subcontractor has the right of collection against a property owner.

 

EXECUTORY OR EXECUTED CONTRACTS

            An executory contract is one in which a party binds himself to perform a task, whereas an executed contract is one in which the object of the agreement has been performed and everything that was to be done has been done.  Contracts may be partly executed or partly executory or may be executory as to one part and executed as to the other.