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Five Different Types Of Contracts

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A contract is entering into a formal and legally binding agreement, an agreement of two or more persons or entities. In which there is a promise to do something in return for a valuable benefit known as consideration. Consideration is; something of value given by both persons to a contract that induces them to enter into an agreement to exchange mutual goods or services. There are two types of contract, bilateral and unilateral. Unilateral contracts consist of only the promiser, meaning it requires that only one party make a promise that is open and available to anyone who performs the required action; e.g. advertisements. A bilateral contract is used during the purchasing or suppling of goods or services. There is two distinct parties …show more content…

When a contract is terminated it refers to discharge of contract. Discharge of contract means the termination of a contractual relationship between parties”. A contract is said to be discharged when it ceases to operate, i.e. when the rights & obligation created by it come to an end. There a five main types of discharge of contract; (i) Discharge by agreement (ii) Discharge by notice (iii) Discharge by operation of law (iv)Discharge by frustration (iv)Discharge by breach. This essay will compare and contrast the effects of, discharge of contract by breach with that of, discharge of contract by …show more content…

• By contract the claimant was to carry cargo for the defendant. The claimant arrived early to collect the cargo and the defendant did not have any cargo for them to carry and would not have by the agreed date. The claimant decided to wait around in the hope that the defendant would be able to supply some cargo. However, before the date the cargo was supposed to be shipped the Crimean war broke out which meant the contract became frustrated. The claimant therefore lost their right to sue for breach. Had they brought their action immediately they would have had a valid claim. Another form of discharge by breach is an; Anticipatory breach, where a party indicates their intention not to perform their contractual obligations, the innocent party is not obliged to wait for the breach to actually occur before they bring their action for

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