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Classification of Contracts according to formation According to the mode of formation of contracts, contracts may be classified into three namely, Express Contract, Implied Contract, and. Quasi Contract.
Contract is an agreement enforceable by law. Between two or more parties for the doing or not doing of something specified. Contracts can also be classified according to performance. An executed contracts where one party has performed all that is required to be done according to the contract.
According to the mode of formation of contracts, contracts may be classified into three namely, Express Contract, Implied Contract, and. Quasi Contract.
A contract is an agreement between two entities or individuals, which serves as legal protection for both parties involved in a potential business deal. Two different kinds of groups of contracts are fixed price contracts and cost-reimbursement contracts.
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