Level 7: Contract Classifications

Question 1

Implied Contracts

Answer 1

established by the parties’ actions rather than a written document or an explicit discussion

Question 2

Express Contracts

Answer 2

oral and written contracts in which the parties explicitly state or express their intentions and their expectations regarding the contract and the exchange of promises, all terms and conditions have been identified and agreed to

Question 3

Bilateral Contracts

Answer 3

an agreement in which both parties make a promise to perform the actions specified in the contract, TWO parties & TWO carry out promise

Question 4

Bilateral Contracts: Reciprocal Obligations

Answer 4

both parties must fulfill their duties

Question 5

Unilateral Contracts

Answer 5

one party (the offeror) makes a promise in exchange for a reciprocal act on the part of the second party (the offeree), TWO parties but ONE promise

Question 6

Executed Contracts

Answer 6

contract in which all terms have been fulfilled by all parties, once all promises of a contract have been fulfilled, the contract is considered executed and ceases to exist

Question 7

Executory Contracts

Answer 7

stage of existence where contract has not yet been fully performed

Question 8

Contract Classifications Visual Aid