Types of Contracts

A contract  is an agreement between two or more “parties” (persons or institutions) , who are bound by the same contract, regarding the sale, rental or acquisition of a good or service that is determined in the contract, which may well be verbal or written, detailing in the clauses the rights and obligations acquired by the parties that sign it. It is focused on creating rights and generating obligations on the part of the contracting parties, anticipating in part the breaches that could occur by any of the signatory parties.

It is a legal act that, although it can be carried out between individuals, must comply with the regulations and laws of the country in which it is carried out.

Types of contracts

Contracts can be classified either by being public or private , or depending on the specific theme in which they are developed and the type of obligations that are contracted by the parties due to it, such as in the cases of lease, in where one of the contracting parties agrees to lease a good (movable or immovable), or sales contracts, where the seller agrees to deliver what is sold and the buyer agrees to pay it in a certain time and payment method, as well as in labor contracts that can be both collective and individual, etc., that is, their classification depends on the specific subject and the obligations stipulated therein, through the clauses.

Contracts end for the following reasons:

• For having been satisfactorily completed, that is, both parties satisfactorily fulfilled their obligations.
• By common agreement between the parties, either the buyer of a product or service has not paid what was agreed, or the seller has not delivered the product or provided the service, in a satisfactory manner (completely, on time, etc.), or simply because the parties consider it so (as in the case of external changes that influence the conditions of the contract) but where both parties by mutual agreement terminate the contract and the obligations contracted with it.
• Due to the breach of the same, this occurs when one of the two parties does not comply with the provisions of the contract, this means that when the obligations are not fulfilled by any of the contracting parties, it is terminated, terminating the contract. .
• Because there is a defined end date in it (this may change if an extension or extension of the contract is made by mutual agreement).

There are many other types of contracts that vary depending on the subject matter covered in them, the type of clauses included in their text, and the existing legal provisions in this regard, but some of the most common types are mentioned below.

Some types of contracts

Purchase contract

They are those where one of the parties (the seller) is obliged to deliver a certain good to the other party (buyer), who in turn is obliged to make a payment for said good, in money or another form of payment that is provided for in the contract.

marriage contract

It is the contract that the spouses contract in certain legislations, they are regulated by the civil code and in it rights and obligations are granted to both parties, this contract consisting of the “free union of a man and a woman to carry out life in community , where both spouses are equal and owe respect and mutual help, as well as having the possibility of procreating children freely and that these children remain under the protection granted by the marriage contract”, both legally and in the patrimonial, that is to say, to form a family that is recognized and protected by civil laws.

prenuptial agreement contract

The contract of prenuptial agreement or property capitulation, is an (optional) contract made by the couple before the marriage bond. It is a contract where a prior distribution of the couple’s assets is made in case of a possible divorce, which is carried out if the couple so wishes, before contracting the obligations that the nuptial contract or marriage contract entails. mentioned.

deposit contract

In it, one of the parties (the depositor) transfers the possession of one or several goods or things of his property to another person (the depositary) so that he is in charge of keeping it and returning it when the contract determines it or it expires, in this type of contract, an economic amount is usually agreed for the custody and safekeeping of the deposited asset (movable or immovable asset).

Leasing contract

In this type of contract, the lessor, the lessor, acquires the obligation to deliver a good (movable or immovable) to his counterpart, the lessee, for his enjoyment and enjoyment, as well as for him to have it in the name of the owner and exercise control over said good, the lessee is in turn obliged to pay an agreed price, in periods mutually agreed upon in the same contract, to the lessor, as well as the return of the good in case of termination of the contract, (understanding that the good must be returned in the same conditions of use that it had when it was delivered to the lessee), as well as in the cases in which the parties so agree and if the lease has not ended.

donation contract

They are those in which one of the parties (the donor) freely transfers, partially or totally, its assets to the other party (the donee), which may well be a person or made in the name of an institution (generally charitable).

publishing contract

They are those where the owner of an intellectual property, (for example a literary work), assigns to a publisher or publisher the right to edit, reproduce and distribute his work.

Loan agreement

It is the one where one of the parties freely delivers a “kind”, (movable or immovable), so that the other party makes use of it, leaving the other party with the obligation to return it (in good conditions) after its use has ended. .

franchise agreement

In this type, one of the parties, the “franchisor”, gives the other party, the “franchisee”, a license to use and the methods (recipes, procedures, etc.) so that the franchisee can do business, in exchange for the payment of a rate that is established in the same contract and must be paid periodically.

Loan contract

In this type, one of the parties, called the lender, is obliged through the same to deliver a certain capital (the capital of the loan) to its counterpart, the borrower, and in turn the latter (the borrower), has the obligation to return the amount borrowed by the lender plus a certain amount of interest, which is previously established in the contract, referring to its collection, in case the borrowed money has not been paid according to the term established in the contract.

Employment contract (individual)

In it, one of the parties is called an employer, the employer agrees to make the payment of remuneration in exchange for receiving the services (work) of the worker, and in turn the worker (the worker), agrees to provide one or several services being subordinated to the employer.

Employment contract (collective)

It is a contract similar to the previous one in its aims, but it differs in that it is signed between the employer and the union as the representative of the workers.

transportation contract

In it, one of the parties undertakes to transport people, merchandise or both from one place to another, having an agreed price for it, this contract can also oblige the transport company or the carrier to be exclusive to provide the service to a specific company, product or route, all of which depends on the conditions agreed in the contract.