Question

Provide an example of a valid, express, unilateral, executory contract.

Answer 1

Valid Contract : A contract is said to be valid only once the two parties have accepted to get into an agreement following all the rules and regulations enforced by the conserned government.

Example of valid contract : When a person above the age of 18 is willing to rent a house by paying the initial amount and signing the agreement enforced by the government.

Express Contract : An express contract is an agreement where there exist both written aswell as oral agreement at the time of contract. There must an offer by one party and acceptance by an other party.

Example of express contract : Agreement when an asset (house) is sold to a party. Here the offer is the house and acceptance in the money given inreturn for the house.

Unilateral Contract : An unilaateral contract is one in which an agreement is made promising to pay a specified amount after a specific period of time. Partial and complete unilateral contract is there.

Example of unilateral contract : When we purchase a refrigirator by getting into an written agreement to pay for it later on after two years in installments.

Executory Contract : It is a contract in which there are certain obligations are responsibility on behalf of both the parties who among them some obligations are still pending.

Examples of executory contract : When a sales has benn conducted in which the goods are not been delivered to the buyer aswell as the buyer has not paid the supplier for the purchased goods.