What are the types of contracts?

In South Carolina, there are four main types of contracts: express contracts, implied contracts, fault contracts, and quasi-contracts. Express contracts are contracts that are created through an explicit agreement, whether verbal or written. This means that both parties willingly and knowingly agree to certain terms and conditions that are contained within the contract. Implied contracts are contracts that are not explicitly stated, but that are understood by reasonable assumptions. These contracts are typically based on established practices or standards of care. Fault contracts are contracts that have been breached due to one of the parties being at fault. This could be due to fraud, misrepresentation, or even negligence. Quasi-contracts are contracts that don’t meet the requirements of a typical contract. These contracts are typically created by the court to prevent one party from being unjustly enriched. Overall, these four types of contracts make up the majority of contracts in South Carolina. It is important to understand the differences between them so that you can make informed decisions when entering into any type of contract agreement.

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