What are the different types of contracts?
An example of an AI chatbot conversation about various contract types.
What are the different types of contracts?
There are several types of contracts, including verbal, written, express, implied, and unilateral contracts. Would you like to know more about a specific type?
Can you explain what a verbal contract is?
A verbal contract is an agreement made through spoken communication rather than written. It's legally binding but can be hard to enforce.
What about written contracts?
Written contracts are documented agreements that outline the terms and conditions. They provide clear evidence of the agreement.
What is an implied contract?
An implied contract is formed by the actions or conduct of the parties involved, rather than written or spoken words.
Are unilateral contracts common?
Yes, unilateral contracts are common, especially in situations like rewards, where one party promises something in exchange for an action.
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