Introduction to K's

Question 1

Express K’s

Answer 1

-Terms are clear and easy to understand
-Can be written/oral

Question 2

Implied k’s

Answer 2

-Conduct of the Parties
-Circumstances
-Reasonable Person Standard

Question 3

Unilateral Contract

Answer 3

-Can only be accepted by performance
-The party does the act requested and will be formed when the act is started
-ex. someone offers a reward for finding a lost item

Question 4

Bilateral Contract

Answer 4

-Both parties mutually agree to the terms by the time the offer is being made
-ex. employment contract

Question 5

Implied-In-Law

Answer 5

-Court is imposing a contract because it would be unfair to one party where there waas performance, and a benefit was received
-Medical team treats an unconscious patient

Question 6

Implied-In-Fact

Answer 6

-Enforceable contract based on the performance of the parties, expectations and circumstances
-When you sit in a chair at a barber shop

Question 7

Executory

Answer 7

-Either one or both parties have not yet performed what was required
-Lease agreement

Question 8

Executed

Answer 8

-Both parties have fully performed their duties/obligations under the contract, nothing remaining in the contract to be fulfilled
-Buying a car in one payment

Question 9

Voidable

Answer 9

-The parties may have an option not to perform
-Minors can void a contract at any time

Question 10

Void

Answer 10

-The contract is not enforceable by the courts and has no legal value
-Creating a legal contract to do something illegal

Question 11

Terms of a “k”

Answer 11

-Written/oral
-Mutually beneficial
-2 or more parties
-enforceable in a court of law

Question 12

Common Law

Answer 12

Derived from England
People formed cases that became precedent which created formed new laws