What are the types of contracts?

In Virginia, contracts are legally binding agreements between two parties which outline their rights and obligations. Generally, there are three main types of contracts: express, implied, and unilateral contracts. Express contracts are written agreements that are entered into between two or more parties. Both parties must agree to all the terms of the contract and sign off on it in order to be legally binding. Examples of express contracts include employment agreements, leases, and purchase orders. Implied contracts are agreements that are inferred from the behavior or actions of the parties involved. These types of contracts don’t need to be written down, but can still be legally enforceable. For example, if a business offers its services without a written agreement, the court may infer that a contract exists between the two parties. Finally, unilateral contracts are agreements in which only one party makes a promise or undertakes an obligation. The other party may accept the offer in return for fulfilling some type of consideration. An example of this would be a reward offered by a business for returning a lost item. In order to legally enforce a contract, the parties must sign off on it and it must be fair, accurate, and binding. Contracts must also be in accordance with the laws of Virginia and the United States. It is always best to consult with a legal expert before signing off on any contract.

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