Types of Legal Contrats
In law, there are several types of legal contract, few of them are given below
- 1). Service Contract- It is an agreement made between contractor and
consumer that covers warranty, guarantee, repairs, maintenance of purchased
equipment from the contractor for a certain period.
- 2). Employment Contract- It is an agreement made between employer and
employee that defines what expectation is employer is expecting, terms and
conditions, salary, rights, duties, rights of the both parties during the
term of employment.
- 3). Confidentially Agreement- This agreements become so popular now days,
These contracts are basically made not to share the information which is
received in confidentially. Example Trade Secret, Business News.
- 4). Sales Contract- A contract made between shopkeeper and customer or any
contract relating to the sale of any particular product in which the rights,
duties and obligation are mentioned of both the parties.
- 5). Partnership Agreement- An agreement between the partners of the
partnership firm, in which duties, rights, how the salary will be
distributes, how the entry of the new partner will be done, legal hire of
partner in the case of death are mentioned in the partnership agreement.
- 6). Loan Agreement- It is an agreement between lender who gives money and
borrower who takes money. In this agreement the amount of money given by
lender, On what terms and condition loan was given, repayment schedule,
remedy in the case of default in payment etc are given
Some important essentials of Legal Contracts are as follows
- 1. An agreement cannot be related to the illegal activity, if an agreement
is related to illegal activity, then these agreement are null and void.
- 2. An agreement must be must be made between sound body.
- 3. An agreement must be signed by the parties of an agreement.
- 4. Signature on the agreement will not be done by force.
- EMPLOYMENT CONTRACT
- STARTUP AGREEMENT
- COMMERCIAL AGREEMENT
- OTHER AGREEMENTS
