What are the different types of contracts?
An example of an AI chatbot conversation about various contract types and their uses.
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 unilateral contract is?
A unilateral contract is an agreement where one party makes a promise in exchange for the act of another party. For example, a reward contract is unilateral.
What about express and implied contracts?
Express contracts are clearly stated, either orally or in writing, while implied contracts are formed by the actions or circumstances of the parties involved.
Which type of contract is most commonly used?
Written contracts are the most commonly used because they provide clear evidence of the agreement and its terms.
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