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Express Contract
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A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.
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Contracts
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agreement between two parties that creates an obligation
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Offeree
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the party to whom the offer is made
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executory contract
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A contract that has not yet been fully performed.
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Offeror
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the party making the offer
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Executed Contract
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A contract that has been completely performed by both parties.
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Consideration
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something of value exchanged for something else of value
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implied-in-fact contract
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a contract in which agreement between parties has been inferred from their conduct
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Unilateral Contract
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A contract that results when an offer can be accepted only by the offeree's performance.
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Bilateral Contract
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A type of contract that arises when a promise is given in exchange for a return promise.
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offer
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A promise or commitment to perform or refrain from performing some specified act in the future.
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Essential Elements of a Contract
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1. offer and acceptance 2. genuine assent 3. legality 4. consideration 5. capacity 6. proper form
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Requirements of an offer
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offeror's serious intention, definiteness of terms, communication to offeree
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capacity
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ability to contract for oneself (age, soundness of mind)
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