Need inspertation

CONTRACT LAW AND FORMATION



• Theory of Contracts

- An agreement between two or more parties enforceable under law

- Purpose: to tie down the future (predictability)

- Involves a bargain or trade, a “meeting of the minds”

• Types of Contracts, by Expression of Agreement

- Express contracts

* Written contracts

* Oral contracts

- Implied contracts

- Quasi-contracts

• Bilateral and Unilateral Contracts

- Bilateral contracts involve an exchange of mutual promises (or completed
performance and a promise of future performance)

- Unilateral contracts are like a contest, with no promise of performance by the
contestant

• Types of Contracts as to Validity

- Valid contract

- Void contract

- Voidable contract

- Unenforceable contract