What are the types of contracts?

In Arizona, contracts come in many different forms. Generally speaking, there are four types of contracts that are used in the state. The first type of contract is an express contract. This is a contract in which the terms and conditions are stated explicitly and agreed to by all parties. Express contracts are usually written and formally signed by the parties involved. The second type of contract is an implied contract. An implied contract is a contract where the terms are not explicitly stated, but they are understood between the parties. This type of contract is usually formed through actions or words that indicate a mutual agreement to a certain action. The third type of contract is a quasi-contract. A quasi-contract is an involuntary contract. This type of contract is created by the Courts when fairness dictates the parties must honor an obligation. The fourth type of contract is a unilateral contract. A unilateral contract is created when one party performs an action in exchange for the other party’s promise to perform an action. Unilateral contracts usually have one-sided promises and are not legally binding. In Arizona, all four types of contracts can be legally enforced in a court of law if one or both parties breach the terms of the contract. Any contract should be carefully reviewed in order to determine the applicable laws and ensure its enforceability.

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What are the types of contracts?

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