Function of contracts - answer✔let us create a type of private law, facilitate planning
basic elements of contract - answer✔voluntary agreement, offer, acceptance of offer,
consideration to support each partys promise, capacity to contract, must be legal
steps in getting to a contract - answer✔negotation, agreement, voluntary, considerations,
capacity, legality, contract, writing required?
bilateral contract - answer✔both parties exchange promises and contract is formed as soon as
promises are exchanged
unilateral contract - answer✔only one party makes a promise
valid contract - answer✔meets all legal requirmenets. enfoforcebale in court
unforceable contract - answer✔meets basic legal requirements for contract but may not be
enforceable because of some otehr legal rule
voidable contract - answer✔one or more of parties have legal right to cancel obligations under
the contract. injured party has right to cancel contract if he chooses
express contracts - answer✔parties have directly stated in terms of their contract orally or in
writing at the time the contract was formed. mutual agreement necessary to create a contract
may also be demonstrated by conduct of the parties
implied contract - answer✔surrounding facts and circumstances indicate that an agreement has
been reached
executed contracts - answer✔when all of the parties have fully performed their contractual
duties until such duties have been fully performed
executory contracts - answer✔...
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