A contract executed (which differs in nothing from a grant) transfers a chose in possession ; a contract executory transfers a chose in action. 2 Bla. Corn. 443. As to the importance of grants con sidered as contracts, see IMPAIRING TBE OBLIGATION OP CONTRACTS.
Express contracts are those in which the terms of the contract or agreement are open ly and fully uttered and avowed at the time of making: as, to pay a stated price for certain specified goods; to deliver an ox, etc. 2 Bla. Corn. 443.
Gratuitous contracts are those of which the object is the benefit of the person with whom it is made, without any profit or ad vantage received or promised as a considera tion for it. It is not, however, the less gratuitous if it proceed either from gratitude for a benefit before received or from the hope of receiving one hereafter, although such benefit be of a pecuniary nature. Loui siana Code, art. 1766. Gratuitous promises are not binding at common law unless ex ecuted with certain formalities, viz., by ex ecution under seal.
Illegal contracts are agreements to do acts prohibited by law, as to commit a crime ; to injure another, as to publish a libel. H. & N. 73.
Hazardous contracts are those in which the performance of that which is one of its objects depends on an uncertain event. Louisiana Code, art. 1769.
Implied contracts may be either implied in law or in fact. A contract implied in law arises where some pecuniary inequality ez. fists in one party relatively to the other which justice requires should be compensat ed, and upon which the law operates by cre ating a debt to the amount of the required compensation ; Leake, Contr. 38. See 2 Burr. 1005 ; 11 L. J. C. P. 99; 8 C. B. 541. The case of the defendant obtaining the plaintiff's money or goods by fraud, or duress, shows an implied contract to pay the money or the value of the goods.
A contract implied in fact arises where there was not an express contract, but there is circumstantial evidence showing that the parties did intend to make a contract; for instance, if one orders goods of a tradesman or employs a man to work for him, without stipulating the price or wages, the law raises an implied contract (in fact) to pay the value of the goods or services. In the for
mer class, the implied contract is a pure fic tion, having no real existence; in the latter, it is inferred as an actual fact. See Leake, Contr. 12.
Independent contracts are those in which the mutual acts or promises have no relation to each other either as equivalents or as considerations. Louisiana Code, art. 1762.
Mixed contracts are those by which one of the parties confers a benefit on the other, receiving something of inferior value in re turn, such as a donation subject to a charge.
Contracts of mutual interest are such as are entered into for the reciprocal interest and utility of each of the parties: as sales, exchange, partnership, and the like.
Onerous contracts are those in which something is given or, promised as a consid eration for the engagement or gift, or some service, interest, or condition is imposed on what is given or promised, although unequal to it in value.
Oral contracts are simple contracts.
Principal contracts are those entered into by both parties on their own accounts, or in the several qualities or characters they as sume.
Real contracts are those in which it is necessary that there should be something more than mere consent, such as a loan of money, deposit, or pledge, which, from their nature, require a delivery of the thing (res).
Reciprocal contracts are those by which the parties expressly enter into mutual en gagements, such as sale, hire, and the like.
Contracts of record are those which are evidenced by matter of record, such as judg ments, recognizances, and statutes staple.
These have been said to be the highest class of contracts. Statutes, merchant and staple, and other securities of the like nature, are confined to land. They are contracts entered into by the inter vention of some public authority, and are witnessed by the highest kind of evidence, viz., matter of record; Poll. Contr. 141; 4 Bla. Corn. 435.
Severable (or separable) contracts are those the considerations of which are by their terms susceptible of apportionment or division on either side, so as to correspond to the several parts or portions of the con sideration on the other side.