Types of Contracts Flashcards

(5 cards)

1
Q

Unilateral Contracts (Acceptance by Performance)

A

An offer may require acceptance to be made by “performing” a specified act. An offer for a unilateral contract is one in which completion of the performance sought is the only permissible method of acceptance. The offeree may perform, but he makes no commitment to do so.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Bilateral Contracts (A Promise for a Promise)

A

The most common way to form a contract is for the parties to exchange promises. A bilateral contract involves an exchange of promises. Thus, where an offer to a bilateral contract is made, the offeree’s “promise” creates the contract.

For the creation of a bilateral contract, the offeree’s promise must be communicated to the offeror.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Implied in Fact Contracts (Contracts Formed by Conduct)

A

An implied in fact contract arises by the conduct of the parties. Implied in fact contracts are created informally, e.g., the nod of the head, the wave of the hand, or a thumbs up.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Executory Contracts (Contracts that Have Not Yet Been Performed)

A

An executory contract is one that has not yet been performed. Executory contracts can either be fully executory or partially executory.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Aleatory Contracts (Promises Conditioned Upon an Event Not Within the Control of the Parties)

A

An aleatory promise is conditioned upon an event that is not within the control of the parties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly