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A contract is defined as an agreement which legally binds the parties. However there are many types of contract between two businesses such as unilateral, bilateral, specialty, simple and standard form contract.

Firstly unilateral contract is a legal agreement in which only one of the two parties makes legally enforceable promises.

The second type is bilateral contract, it is the contract in which both parties take responsible at the same time and both of them take promises.

On the other hand, specialty contract is express contract made under seal. They are not merely written but delivered over by the party bound. The specialty contract is usually in buying bonds, deeds, etc. The solemnity and deliberation with which a deed or a bond is presumed to be entered to, attack to it an important and character which do not belong to a simple contract. It consists of a promise to do or refrain from doing something, in exchange for doing something given or promise in return. The parties must intent the agreement to be binding on each other.

The last type is standard form contract. It is a pre-prepared contract where all the terms have already set. In standard form contract each of the party will have different duties such as a recipient, they have little or no prior negotiation. On the other hand the provider of the contract has their own standard terms and conditions. The standard form contract can usually be found in a contract between employees and the company.

However in every contract there are seven keys elements which a contract must contain in order to be valid and enforceable by the law which are agreement, consideration, intention to create legal relations, legal capacity to contract, form of a contract, consent and legality of object. Firstly the agreement which is determined by the rules of offer and acceptance.

The second element in agreement is acceptance, it