Types of Contracts

Question 1

What is a contract?

Answer 1

A legally enforceable agreement

Question 2

Types of contracts and how they’re formed

Answer 2

1. Express contracts (by language, oral or written)
2. Implied contracts (by conduct)
3. Quasi-contracts [not actually a contract] (when an unenforceable contract results in unjust enrichment so courts allow P to recover in restitution the benefit conferred on D)

Question 3

Types of contracts under CL and how they’re accepted

Answer 3

1. Bilateral contracts - mutual promise accepted by either (1) a promise to perform or (2) beginning performance
2. Unilateral contracts - offeror requests performance rather than a promise and accepted by full performance; only 2 circumstances
   1. offeror clearly indicates complete performance is only acceptance, OR
   2. offer is to general public