When it comes to legal contracts, it is important to understand which ones are legally binding. A legally binding contract is an agreement between two or more parties that is enforceable by law. In order for a contract to be legally binding, it must meet certain requirements. Here are the three types of contracts that are legally binding:

1. Written Contracts

A written contract is a legally binding agreement that is in writing and signed by all parties involved. They are considered the most secure form of a contract as they have all the terms and conditions of the agreement written down in detail. Written contracts can be used for a wide variety of purposes such as buying or selling property, employment contracts, and more. It`s important to read and understand the contract before signing to ensure that you agree to all the terms and conditions.

2. Verbal Contracts

A verbal contract is an agreement between two or more parties that is made verbally and is legally binding. Verbal contracts can be a bit tricky as they are harder to prove in court compared to written contracts. It is best to have witnesses present when discussing the terms of the agreement, as well as to have all the terms and conditions of the agreement written down and signed by both parties.

3. Implied Contracts

An implied contract is an agreement between two or more parties that is not explicitly stated or written down but is still legally binding. These types of contracts are created by the actions and behavior of the parties involved. For instance, if you visit a restaurant and order food, an implied contract is created when you receive the food and pay for it, even though you were not explicitly told that you were entering into a contract.

In conclusion, it is important to understand which contracts are legally binding before entering into any agreement. Always read and understand the terms and conditions of the contract before signing. If you are unsure about any of the terms or conditions, it is best to consult with a lawyer before signing the contract. Remember, a legally binding contract can have serious consequences if it is broken.