Examlex
The three primary functions that exist in most business organizations are:
Executory Contracts
Contracts under which both parties have unfulfilled obligations that need to be met in the future.
Bilateral Contracts
Agreements involving two parties where each commits to fulfilling an obligation to the other, such as in sales or service contracts.
Express Contracts
Contracts in which the terms are stated explicitly and can be oral or written.
Uniform Commercial Code
A comprehensive set of laws governing commercial transactions in the United States, intended to standardize and simplify the law across states.
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