Types of Contracts
Unilateral contract
A contract in which only one party makes a promise (to try to get the other party to do something)
Express contract
A contract in which the parties to the contract have definitely agreed on all of the contract terms
Bilateral contract
A contract in which two parties make promises to each another
Valid contract
A contract that is binding and enforceable on all concerned parties because it contains all essential contract elements
Implied contract
A contract that is inferred from the parties' actions
Voidable contract
A contract that may or may not be enforceable between the parties, and usually means one party did not meet a legal requirement of the agreement
Unenforceable contract
A contract that will not stand up in court, but may still be valid if the parties want to complete performance
Void contract
A contract with no legal effect, even when all of the essential elements for a contract exist
Offer - Basic Requirements
made seriously, definite and certain, communicated to the offeree
elements of contract
agreement, consideration, capacity, legality, genuine agreement
Bilateral Contract
A type of contract that arises when a promise is given in exchange for a return promise.
contract
a binding agreement between two or more persons that is enforceable by law
Force Majeure definition
a contractual clause freeing both parties from liability in the event of unexpected disasters
termination of an offer
revocation, rejection, counteroffer, expiration of time, death or insanity
requirements of an acceptance
unconditional acceptance, mirror image rule