1. Explain in detail the various classifications of the contract?
Question # 19
Explain in detail the various classifications of the contract?

2. There are 5 basic Classifications of the Contract
Bilateral &
Unilateral Contracts
Aleatory & Commutative Contracts
Nominate & innominate Contracts
Consensual, formal & Real Contracts
Gratuitous & Onerous Contracts 2 1 3 4 5

3. 1 Bilateral & Unilateral Contracts Bilateral
each party is at the same time creditor & debtor.
The seller must transfer property to the buyer in exchange of a monetary price.
The contracting parties bind themselves to exchange the ownership of a thing other than money.
2 or more persons contribute in financial project & must share profits & losses.
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.
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 1
Sale Contract
exchange Contract
partnership Contract
Loan Contract
Lease Contract

4. Aleatory & Commutative Contracts Example:- contract of Insurance
An agreement in which each party gets something equal for that which is given or done
One of the parties must do a specific work for the other who pays for it.
One of the parties must do a specific service under supervision of the other who pays for it.
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 2
Contractor Contract
Labour Contract
Agency Contract

5. Nominate & innominate Contracts3
Nominate & innominate Contracts
Nominate
Named in the civil code and commercial code
Innominate
It is a contract that has no particular rules.

6. If the contract has to be expressed in a certain form.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.
Depends on the delivery of a thing to the party who performs his obligation.

7. Gratuitous & Onerous Contracts5
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