Contract Law for Paralegals Final Exam with Complete Solutions Already Passed

Six Elements of a Valid Contract - * Offer * Acceptance * Consideration * Legal * Capacity * Intent All contracts are either - Bilateral or unilateral Bilateral contract - a promise for a promise Unilateral contract is: - a promise for an act Express contract is: - K where mutual assent of parties is verbal or written Implied contract - K established based on conduct of parties Quasi contract - No K, but courts act as matter of equity to prevent injustice formal contract - K written/signed under seal (e.g. checks, and CODs) Informal contracts - Non-formal K satisfying six elements of valid K and whose form is not regulated by statute Executory contract - K where at least one party must provide performance executed contract - K satisfied