Contract Types and Maryland Statutes

Question 1

Types of Contracts

Answer 1

Expressed, Implied, Bilateral, Unilateral,
Enforceable, Unenforceable, Valid, Invalid, Void,
Voidable, Executed, Executory

Question 2

A stated (written or oral) agreement between two parties to specific terms.

Answer 2

Expressed

Question 3

A contract that is based on the actions or behaviors of the parties, not on words

Answer 3

Implied

Question 4

A mutual contract that involves an exchange of promises or other consideration between two parties.

Answer 4

Bilateral

Question 5

A contract in which consideration (such as a promise) is only given by one party to the other.

Answer 5

Unilateral

Question 6

A contract that will stand up in court.

Answer 6

Enforceable

Question 7

A contract that will not hold up in court.

Answer 7

Unenforceable

Question 8

A contract that contains all the essential elements.

Answer 8

Valid

Question 9

A contract in which one or more of the essential elements is missing.

Answer 9

Invalid

Question 10

A contract with no legal force or effect.

Answer 10

Void

Question 11

A contract that may be cancelled by one or more parties for one of several reasons. It may be missing an essential element and thus invalid; it may contain a mistake or a misrepresentation, or it may have been created or executed by a party under duress.

Answer 11

Voidable

Question 12

A contract in which all the parties have met all terms of the contract.

Answer 12

Executed

Question 13

A contract in progress; one or more terms of the contract remain undone.

Answer 13

Executory