Types of Contracts Flashcards
What is an express k?
formed by language oral or written
What is an implied in fact k?
formed by manifestations of assent other than oral or written language ie. by conduct
What are Quasi-Contracts or Implied in Law Contract?
they are not contracts at all. constructed by the courts to avoid unjust enrichment. allows plaintiff to bring an action in restitution to recover the amount of benefit conferred on the defendant.
What is a Bilateral K?
is one consisting of exchange of mutual promises
What is a unilateral k?
is one in which the offeror requests performance rather than a promise. the offeror-promisor promises to pay upon the completion of the requested act by the promisee. Once the act is completed…a k is formed.
In what situations does a unilateral k occur?
1) when the offeror clearly indicates the completion of performance as the only manner of acceptance and
2) where there is an offer to the public, reward.
What is a void contract?
a void contract is one that is totally without any legal effect from the beginning. It cannot be enforced by any party
What is a voidable k?
one or both parties may elect to avoid by raising a defense
What is an unenforceable k?
An unenforceable k is an agreement that is otherwise valid but which may not be enforceable due to a defense extraneous to contract formation, such as the statute of limitations or SOF
WHAT are the three things needed for a contact? First step unless facts say valid contract is formed.
1) was there mutual assent?
2) Was there consideration?
3) Are there any defenses to creation of the contract?
When is a unilateral k irrevocable?
when the person begins performance
Formation of a k
offer
acceptance
consideration from each party
no defense to formation
