Different Kinds Of Contracts In Business Law. The business contract also sets the tone regarding each partner’s individual obligations, capital contribution, the profit/loss distribution, ownership interest and, a partnership dissolution clause. Types of legal contracts encompass any agreement between at least two individuals or businesses that creates a legal obligation to do or not do something specific, such as provide a service.

A partnership agreement spells out the relationship between partners, as well as their individual obligations and contributions to a business. For example, person a in the above example. Last updated on 2 years by admin lb types of contracts | overview introduction types of contracts on the basis of its enforcement valid contract voidable contract void contract unenforceable contract illegal/unlawful contract types of contracts on the basis of mode of creation express contracts.