Types Of Contracts Flashcards
What are three types of contracts?
Express - formed by language (oral or written)
Implied - formed by conduct
Quasi- Not contracts but can provide a remedy for unjust enrichment
Bilateral contract
Promise for a promise
(Most contracts)
How can bilateral contract be accepted?
In any reasonable way.
Promise to perform or beginning performance
Unilateral contract
Payment upon completion of requested act
What situations create a unilateral contract?
Language like “offer only by”
Or
Offer to the public like for a reward
What does unilateral offeror need to create a unilateral K?
Clearly and unambiguously indicate that completion of performance is only way to accept
What is a void contract?
Was never legal in the first place and cannot be enforced by either party
Contract to commit a crime
What is a voidable K?
One or both parties can avoid by raising a defense that makes it voidable
Infancy or mental incapacity
What law governs contracts that are not for the sale of goods?
Common law
What law governs the sale of goods?
UCC Article 2
What are goods under Article 2?
Movable at the time the contract is made - cars, horses, food
What are contracts that common law addresses (examples)
Real estate, services, patents, construction
What is a merchant under article 2?
Regularly deals with goods of the kind
By their profession hold themselves out as having special goods or skills associated with the goods involved
What is the law if the contract deals with goods and nongoods?
Whichever aspect is the dominant portion or more important to the meaning of the K, apply the law that addresses that part to the whole contract.
