Like Some Agreements Crossword

Like Some Agreements Crossword: A Guide to Understanding the Different Types of Contracts

Crosswords are a fun way to test your knowledge and vocabulary. However, they can also be a great learning tool. For instance, the phrase ”like some agreements” is often used in crosswords, and it refers to contracts. But did you know that there are different types of contracts? In this article, we will discuss the various forms of contracts and their specific features.

1. Express Contracts

An express contract is a formal agreement that is made in writing, orally, or through an action. In this contract, the terms and conditions of the agreement are explicitly stated or expressed. Express contracts can be as simple as a written agreement to buy a product or as complex as a merger agreement between two companies.

2. Implied Contracts

An implied contract is an agreement that is not explicitly stated but rather inferred from the actions or conduct of the parties involved. This type of contract is based on the conduct, circumstances, or relationship of the parties involved. For instance, if you ask a mechanic to fix your car, there is an implied agreement that you will pay the mechanic for their services.

3. Bilateral Contracts

A bilateral contract is an agreement between two parties where each party promises to do something for the other. In this type of contract, both parties are legally bound to fulfill their promises. For example, a homeowner may hire a contractor to build a deck, and the contractor promises to build the deck in exchange for payment.

4. Unilateral Contracts

A unilateral contract is an agreement where one party makes a promise in exchange for the other party`s performance. In this type of contract, only one party is legally bound to fulfill their promises. A common example of a unilateral contract is a reward offer. For instance, a business may offer a reward for information leading to the arrest of a criminal.

5. Executed Contracts

An executed contract is a contract that has been fully performed by both parties. In this type of contract, all the terms and conditions have been met, and both parties have fulfilled their obligations. For instance, when you buy a product from a store, and you pay for it, an executed contract is formed.

6. Executory Contracts

An executory contract is a contract that is not yet fully performed by either party. In this type of contract, one or both parties have not yet fulfilled their obligations. For example, when you hire a contractor to build a house, an executory contract is formed until the house is built.

Final Thoughts

Like some agreements, contracts are an essential part of business and everyday life. Knowing the different types of contracts and their specific features can help you make informed decisions and protect your rights. So, the next time you come across the phrase ”like some agreements” in a crossword, you`ll know precisely what it means!