United Kingdom has three legal systems. English law applied in England and Wales and Northern Ireland Law applied in Northern Ireland. English law can be determines as an art, and it is described as having its own legal doctrine, distinct from civil law.
A contract is a written agreement with terms and conditions. The signing parties should observe the terms and conditions until the expiration of the contract, or end date (Business Dictionary, 2013).
The first requirement for making a contract is an offer. It is a promise by the offeror to do something and to pay the price of the offer. There are at least two parties of the contract and different types of contract. It depends of the needs of the parties.
LO 1.1, 1.2, 1.3 Impact of Different Types of Contract and Terms in Contracts
The different types of contract can be classified in different ways. The law recognizes that the legal contract must be verbal, written or mixed. In the written contract all the terms and conditions are written in it, the contract is signed by all the parties and there is an assumption of all the terms of the agreement. In the verbal agreement there is a faith of the parties involved in the contract and it will be difficult to prove in contrast of the written contract.
There are many distinctions between the different contracts:
-Deeds and simple contracts-Deeds is a contract under the seal and sometimes is similar as the ordinary contracts. The liability is based on a promise. It is a written contract. Simple contracts are ordinary contracts.
-Bilateral and unilateral contracts-In a bilateral contract the promise of one the sides is exchanged by the promises on the other side. In a unilateral contract the promise on one side is exchanged for an act on the other side.
-Express, implied, and quasi contracts-The difference between the express and implied contracts is that in the express contract the conditions of the parties are expressed in many words and in the implied contract the terms should be conclude from their conduct. A quasi-contract there is nothing in common with real contracts.
-Valid, void, voidable, and illegal contracts-A valid contract is a contract of full force. A voidable contract is a valid contract, but it can be avoided by one of the parties. An illegal contract is a contrary to the criminal law.
-Executed and executory contracts-The one is a contract unperformed on the one side, and the other is a contract partly performed on the other side.
-Transactions and relations-There is no really distinction between these contracts. They may shade into each other (Atiyah, p.41-53)
Contracts always have different terms and conditions. There are more important terms named “conditions” and less important named “warranties”. Conditions are important because without them one or other of the parties will not be able to enter into the contract. In warranties terms the side which fail the contract should pay just...