Please distinguish from among the different
types of contracts that one may enter into.
Generally, the term contract can be
defined as a promise or promises for which the
law gives a remedy or the performance of which
the law gives a duty that is based on sufficient
EXPRESS OR IMPLIED
Contracts may be express or
implied. Contracts are usually express
when the terms are stated or written by the
parties and implied when the terms are
not so stated. Express contracts and implied
contracts are based upon mutual consent.
There is a greater burden upon
plaintiffs who rely upon implied contracts to
prove their case, since one who was interested
in protecting himself had the opportunity to
protect himself to a greater degree.
A voidable contract is valid and
binding upon the parties until it is avoided by
the party entitled to avoid it. This type of
contract can be affirmed or rejected at the
election of one of the parties. It is binding
if the parties affirm it, but of no effect if
rejected by one party.
Other examples of voidable contracts are those
induced by fraud and misrepresentation or
duress, and contracts made by infants or
FORMATION OF CONTRACTS
For a valid contract there must be
at least two parties, a capacity to contract,
mutual assent of the same thing at the same
time, meeting of the minds, offer, acceptance,
definiteness and certainty, definition of
duration of time and consideration.
Quasi contracts are generally those
“implied in law or constructive contracts.”
Whereas express or implied contracts rely upon
the mutual assent of the parties, quasi
contracts rely upon the legal remedies available
when parties are unjustly enriched or parties
have arrived at some benefit for which they
should be legally charged. For example, the law
implies a promise to pay when money is advanced
by one for another’s use and benefit at the
latter’s request. Another example is when a
subcontractor has the right of collection
against a property owner.
EXECUTORY OR EXECUTED CONTRACTS
An executory contract is one
in which a party binds himself to perform a
task, whereas an executed contract is one
in which the object of the agreement has been
performed and everything that was to be done has
been done. Contracts may be partly executed or
partly executory or may be executory as to one
part and executed as to the other.