Difference Type of Contrasts

1. Partnership Contract

A partnership is a business arrangement between two or more people working together.

Normally, it is recognized and refer as the firm. Sri Lanka's partnership law is based on English
law. It has the rights and duties of the partners.

o Hamlyn Vs Houston & co. (1903 1 KB 81)

o Bentley Vs Craven (1853) 18 Beav. 75
o Byrne Vs Reid (1902) 2 Ch .735
2. Employment Contract

An employment contract refers to statutory legislation which established a legal foundation for
labor rights. Employment laws are codes of wages, industrial relations, social and health, and
working condition codes.

o Payment of graduating Act (no 12 of 1983)

o Employees Provident fund Act (no 15 of 1958)
3. Construction Contract

A construction contract is a regulation that is regulated to build an environment of construction

activities and that is valid for physical planning technologies and protection of the natural
environment also.

4. Supply Contract

The supply contract is an agreement in which a seller promises to supply all specified goods, and
services that are needed on time at a fixed price. This supply contract protects the right of both
parties.

5. Service Contract

A service contract means is a contract between the client and the service provider who is a seller.
According to this contract, the service provider will be acting as the 1099 independent
contractor. It allows either party being able to terminate with notice.
Contents of service contract

o Service contract templates

o The method is to terminate the contract
o About the service provider's information
6. Insurance Contract

The legal contract between the person and the company of the insurance is called an insurance
contract. The insurance company agrees to take over the customer party risk by getting a
payment from them. Acceptance, Offer, And consideration are the elements of an insurance
contract.

7. Loan Contract

The loan contract means is the legal agreement between the borrower and the lender. The
contract includes the amount of the loan, security checks, payment method, and the interest rate
within the length.

Ex. Housing loan, Personal loan, Business loan

8. Rental Contract

A rental contract is an agreement between the owner of the property who is ready to rent and the
renter who is ready to be a temporary owner of the property. The agreement includes the parties,
the property the time of rental, and the rental amount.

9. Mortgage Contract

A mortgage contract is an agreement between a lender (mortgagee) and the borrower

(mortgagor) that a lien is created on the property to secure repayment of the loan. The requisites
of a mortgage are,

o Consent of the contracting parties

o Object certain which is the subject matter of the contract
o Cause of the obligation which is established

10. Higher Purchase Contract

A higher purchase contract is an agreement for buying expensive consumer goods, where the
buyer makes an initial down payment and pays the balance with interest. In some installment
plans the buyer can get the ownership rights after signing with the seller.

11. Sales of Goods Contract

In this contract, the seller transfers the goods to the buyer for monetary consideration define as
price and there is an agreement between the payer and the seller. The agreement to sell becomes
a sale and completed the conditions then the goods are transferred. The party obligated to deliver
the goods is known as the seller. The price, payment details, description of goods, delivery
instructions, and uses right to access are the element of the sale contract.