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An adhesion contract is a contract where one side has all of the bargaining power and the other side has to agree to the terms or walk away from the transaction. Adhesion contracts are an extremely common form of contract and an essential part of doing business. However, in certain cases, adhesion contracts or clauses within the contracts will not be considered enforceable.
→ Read MoreWhat is a cost reimburesment contract?
→ Read MoreA unilateral contract is a contract where only one person makes a promise. A unilateral contract is distinguished from a bilateral contract, where there is a mutual exchange of promises (each party to the contract makes a promise). In order for a unilateral contract to be considered legally enforceable, the promise must be considered an offer and it must be accepted.
→ Read MoreA fixed price contract is a contract wherein a specified amount of money is promised in order to pay for the completion of a project or task. Fixed price contracts are commonly used in building/construction situations. The contract may either have a firm fixed price or, in certain cases, an adjustable fixed price where a maximum price and/or a target price are specified.
→ Read MoreA bare contract is a contract that is not legally enforceable because it is missing an essential legal requirement for contracts called consideration. A bare contract essentially refers to a promise that one person made to another that the law will do nothing to enforce.
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