What are the types of contracts?

In Washington, contract law governs the agreement between two or more parties, who agree to exchange something of value. This can be goods, services, money, or a promise of any kind. There are three main types of contracts: written, oral, and implied. A written contract is a contract in which all of the terms and conditions are clearly stated in a written agreement signed by both parties. Written contracts are the most often used and preferred type of contract because they clearly and thoroughly set out the legal obligations of parties to the contract. An oral contract is a contract in which the terms and conditions are spoken by both parties, but not put in writing. Oral contracts are less common and less binding than written contracts because the terms of the contract are not fully documented and can be difficult to prove in a court of law. An implied contract is a contract in which the agreement is inferred from the actions of the parties. The parties do not necessarily need to state their agreement clearly and in writing. An example of an implied contract could be an employee-employer relationship, where the terms of the agreement are not spoken but assumed. In Washington State, contract law governs all of these types of contracts and outlines the legal rights and duties of all parties involved. It is important for parties to ensure that the contract is fair, enforceable, and legal before signing any agreement.

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