The types of Contracts Most Frequently Used in Commercial Activities

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2020-07-03 03:16:07

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Contract – the agreement of individuals (two or more) on  the establishment of certain civil rights and obligations, as well as their amendments or termination.

The Contract is a type of the transaction, which expresses the mutual will of two or more persons parties. That is the refusal from the inheritance, issuance of power of attorney transaction, but not a contract, since in these cases expresses the will of only one person.

The Concept and types of contracts there are different depending on the conditions, number of participants and other circumstances that determine the nature of agreements and transactions.

 

Types of contracts depending on the date of occurrence of obligations of the following.

Primary – directly creates rights and responsibilities that are associated with the execution of works, services, transfer of property and so on.

Preliminary – an agreement to conclude the basic contract in the future. Is the form prescribed for the basic agreement contains provisions allowing to define the subject and other conditions of the underlying transaction. It also spells out the timing of the conclusion of the basic agreement.

Types of contracts the entity for whose benefit an agreement is made.

In favor of participants - allows you to require performance of such agreement only to its participants.

In favor of a third party - establishes that the debtor is obliged to fulfill the requirements of not a lender and specified in the document a third party. An example of this type of agreement can be  Deposit in the name of another person.

 

Types of contracts the balance of rights and obligations of the parties.

Unilateral – it one side has only rights and the other only duties. Example: agreement of a loan or guarantee.

Mutual – rights and responsibilities accorded to all parties. Example: agreement on purchase and sale, rent, contracts, etc.

 

Types of contracts in retribution.

Paid – which property the presentation of one of the parties entails the presentation of a counter property of the other party.

Grant and property the provision is only possible on one side without counter consideration. For example, the contract of donation, free use.

Separate contracts can be both compensated and uncompensated, for example, the storage agreement or order.

 

Types of contracts according to the degree of mandatory detention.

Free – is at the discretion of the parties.

Required – is necessary for one or both of the parties, as required by the legislation. For example, the Bank account agreement for legal entities. Among binding agreements of particular importance are the so-called public contracts. They are required for commercial organizations.

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Types of contracts depending on the time of occurrence relationship.

Consensual – is by agreement of the parties, with rights and obligations on it arise at the time of conclusion of the agreement (contract, purchase, sale, etc.).

Real – rights and obligations under this agreement are determined at the time of transfer of the property (loan warehousing).

 

Types of contracts according to the number of parties involved in the approval conditions.

Consistency – are established by all parties.

Adhesion Contracts – such agreements conditions establishes only one side. For example, the agreement of carriage, insurance, rental, etc.

 

The Most common Of contracts, which are often used in enterprises, companies and organizations of various types of ownership.

The Contract of purchase and sale are concluded on the sale of property or rights.

Presentation – about the free transfer of property, previously owned by the grantor.

The Recruitment – transfer of property in use for a fee.

Rent – provision of property for use and for advanced development for a fee.

Rental – transfer for temporary use without payment.

Loans – paid or free transfer of money from the subsequent calculation.

Labour – a service for a fee.

Contract – execution of works for a fee from the customer's materials.

Delivery - execution of works for the cost of the materials supplier.

The Official – a service for a fee (e.g., accounting).

Insurance – dealing with the effects of risks for a fee.

 

 

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