Contracts Flashcards
What is an express contract?
a contract formed by language - oral or written
What is an implied contract?
a contract formed by conduct
What is a quasi-contract?
Not a contract - it is the name given when an unenforceable contract results in unjust enrichment.
other party is unjustly enriched at the expense of the other party, so that the enriched party must pay restitution to the other party equal to the unjust enrichment.
what is a bilateral contract and how can it be accepted?
a contract consisting of the exchange of mutual promises - a promise for a promise. Can be accepted in any reasonable way.
what is a unilateral contract?
a contract in which the offeror requests performance rather than a promise. offeror promises to pay upon the completion of the request act. Once that act is complete, a K is formed.
