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