BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contracts can be classified in the following four ways:valid, void, voidable and unenforceable, bilateral and unilateral, oral or written, and
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express or implied
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long or short
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criminal or tortious
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failed or successful
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Explanation:
Detailed explanation-1: -Contracts may be classified according to their performances as (i) Unilateral contract (ii) Bilateral contract (iii) Executed contract (iv) Executory contract.
Detailed explanation-2: -Thus, in the Philippine Civil Code, defective contracts are enumerated in a more or less meticulously graduated order of irregularity: (1) the rescissible, (2) the voidable, (3) the unenforceable, and (4) the void or inexistent.
Detailed explanation-3: -Contracts can be of different types, including unilateral, bilateral, contingent, voidable, express, implied, executed, and executory contracts. It can be broadly classified based on quasi-contract.
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