Classifications of contracts – Contracts Law
Contracts may be classified as follows: 1) Consensual contracts – essential requisites 2) Formal / solemn contracts – essential requisites + formality/solemnity 3) Real contracts – essential requisites + delivery of object 1. Consensual contracts a. Concept “Consensual contracts” – refer to contracts that are perfected by mere consent. The essential requisites of a consensual…