Exam 2 COPY Flashcards
TRHEE TYPES OF CONTRACTS
1) Express Contracts: Most contracts are Express Contracts in which two parties agree to a transaction that includes an offer, acceptance, and consideration. Real estate contracts are the exception in that they must be written to be legally enforceable. (Statute of Frauds: legal concept that requires certain types of contracts, such as real estate contracts, to be executed in writing)
2) Implied-in-Fact Contacts: not a verbal or written contract with offer, acceptance, and consideration. Rather, the actions of the parties are what create the contract.
- ————-> Carroll and Paul Lee lived together unmarried for 14 years, and they consider marriage. The court agreed that Judy didn’t contribute financially, nor were they married, but that the couple’s actions indicated that they entered into an Implied-in-Fact Contract. Texas is a common law state: no minimum timeframe requirement.
3) Quasi-Contracts or Implied-in-Law Contract: court-imposed remedy to avoid unfairness in contracts, and not an actual contract. Quantum Meruit, meaning “as much as he has deserved,” is a legal concept that states that while a contract was not created, the doctor would be entitled to reimbursement for the expenses incurred when performing services on the patient.
