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Commonly Asked Questions about Oregon Construction Contracts

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
Basic types of construction The four main types of construction are: residential construction, commercial construction, industrial construction, and infrastructure construction.
There are five common types of construction contracts: lump sum (or fixed price), time and materials (TM), unit price, guaranteed maximum price (GMP), and cost-plus.
In Oregon, residential construction defect tort claims against contractors are governed by a six-year statute of limitations, which runs from actual or constructive notice of the defect.
Contract Types Comparison Party 1 offers Bilateral Services or goods that are of value to the other party Unilateral Services or goods that the other party requested, usually in an open request Implied Services or goods Express Anything9 more rows Jan 26, 2022