Question # 19
Explain in detail the various
classifications of the contract?
There are 5 basic Classifications of the Contract
1
3
Bilateral &
Unilateral
Contracts
Nominate &
innominate
Contracts
5
2
Aleatory &
Commutative
Contracts
4
Consensual,
formal & Real
Contracts
Gratuitous &
Onerous
Contracts
1
Bilateral &
Unilateral Contracts
Bilateral
each party is at
the same time
creditor &
debtor.
Sale
Contract
exchange
Contract
The seller
must
transfer
property
to the
buyer in
exchange
of a
monetary
price.
The
contractin
g parties
bind
themselves
to
exchange
the
ownership
of a thing
other than
money.
partnership
Contract
2 or more
persons
contribut
e in
financial
project &
must
share
profits &
losses.
Loan
Contract
The lender
must
transfer
the debtor
a sum of
money
upon the
condition
that the
borrower
to returns
it at the
end of the
loan.
Lease
Contract
The lesser
must
enable
the lessee
to enjoy a
specific
thing for
a certain
time in
return of
a fixed
price.
Unilateral
one party is a
debtor purely and
simply the other is
a creditor
2
Aleatory & Commutative Contracts
Commutative Contract
An agreement in which each party gets
something equal for that which is given
or done
Contractor
Contract
One of the
parties must
do a specific
work for the
other who
pays for it.
Labour
Contract
One of the
parties must
do a specific
service
under
supervision
of the other
who pays
for it.
Agency
Contract
An agent
binds
himself to
perform a
judicial act
on behalf of
the
mandator
Aleatory Contract
When the equivalent in the
relations of the 2 parties
consists in a chance of gain or
loss depending on a certain
event.
Example:- contract of
Insurance
3
Nominate &
innominate
Contracts
Nominate
Named in the
civil code and
commercial code
Innominate
It is a contract
that has no
particular rules.
4
Consensual,
Formal
&
Real Contracts
Consensual Contracts
There is a contract if
the parties have agreed
to conclude it without
need to writing
Formal Contracts
If the contract has to
be expressed in a
certain form.
Real Contracts
Depends on the
delivery of a thing to
the party who
performs his
obligation.
5
Gratuitous & Onerous
Contracts
Gratuitous
In which one of the parties
gives to the other an
advantage for which the latter
gives nothing in return.
Example:- Donation
Onerous
In it the party is obliged to
give as to something.
Example:- Sale Contract